Sun Machinery Co., Ltd. completed the acquisition of an additional 13.2% stake in Doowon Precision Industry Co., Ltd. from a group of shareholders for approximately KRW 1.04 billion.
October 17, 2016 at 05:00 am
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Sun Machinery Co., Ltd. agreed to acquire an additional 33.03% stake in Doowon Precision Industry Co., Ltd. from a group of shareholders for approximately KRW 2.6 billion on August 26, 2016. Sun Machinery Co will acquire 0.52 million shares of Doowon Precision Industry. Post-completion, Sun Machinery will hold 53.05% stake in Doowon Precision Industry. The Board of Sun Machinery Co resolved the deal on August 26, 2016. The scheduled payment date and the deal completion date are expected to be October 15, 2016. In case that the Officer of Doowon Precision Industry Co., Ltd. acquire the shares before the date of acquisition, Sun Machinery Co will give up its rights of the contract and in case the Officer of Doowon Precision Industry Co., Ltd. does not acquire the shares until October 15, 2016, the contract of 0.16 million shares of Doowon Precision Industry Co., Ltd. will be cancelled.
Sun Machinery Co., Ltd. completed the acquisition of an additional 13.2% stake in Doowon Precision Industry Co., Ltd. from a group of shareholders for approximately KRW 1.04 billion on October 17, 2016. Sun Machinery acquired 0.21 million shares of Doowon Precision.
Sun Machinery Co., LTD is a Korea-based company mainly engaged in the production and sale of automobile parts. The main products include exhaust gas recirculation housing, stabilizer cab mounting assemblies, hydraulic power brake assemblies, arm Idler assemblies. The hydraulic power brakes are major parts of the chassis segment of commercial vehicles such as large buses, trucks and specially designed vehicles. In addition, the Company is involved in the manufacturing and sale of commercial castings, forgings, as well as medical equipments such as electric beds. The Company distributes its products within the domestic market and to overseas markets, including America.
Sun Machinery Co., Ltd. completed the acquisition of an additional 13.2% stake in Doowon Precision Industry Co., Ltd. from a group of shareholders for approximately KRW 1.04 billion.
SUN MACHINERY CO., LTD 
