MOSCOW (MRC) -- Toray Industries, Inc., the Japan-based resins, films, chemicals, fibre and textiles company, has announced that Toray Advanced Materials Korea Inc. (TAK) has decided to acquire the shares in Toray Chemical Korea Inc. (TCK), another consolidated subsidiary, to gain 100% control, said the producer on its site.
TCK, previously known as Woongjin Chemical, is a Gumi, Gyeongsangbukdo-based manufacturer and distributer of high-performance fibres, water treatment filters, cast films and other products.
Toray said that affiliate Toray Advanced Materials Korea (TAK) would launch a yen 13bn (USD107m) tender offer for the remaining stake in TCK.
In early 2014, TAK already acquired a 56% majority in TCK, and later launched a tender offer, raising the stake to 86.85%. It now aims, through another tender offer, to gain 100% control. The second tender offer will run from 22 May to 20 July.
As MRC informed previously, in December 2014, Toray Industries, Inc. announced that the company and its subsidiary Toray Advanced Materials Korea, Inc. would expand the production facility for high-performance polypropylene (PP) spunbond at P.T. Toray Polytech Jakarta (TPJ) by 18,000 tons per year. After the enhancement, the production capacity of TPJ will be about 37,000 tons per year, boosting the Toray Group-wide PP spunbond production capacity to about 153,000 tons per year. The added production facility at TPJ is expected to start operating in September 2016.
Toray Industries is a multinational corporation headquartered in Japan that specializes in industrial products centered around technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. Its founding business areas were fibers and textiles, as well as plastics and chemicals. Toray Group Malaysia companies are involved in four main businesses -- polyester fibres, textiles, plastic resins and polyester films.
MRC