Watch Live

Tweet TWEET

Toray Unit to Buy Woongjin Chemical Stake for 430 Billion Won

A unit of Toray Industries Inc. (3402) will acquire a 56 percent stake in Woongjin Chemical (008000) Co., a South Korean fiber and water treatment filter maker.

Toray Advanced Materials Korea Inc., a wholly-owned unit of Tokyo-based Toray, agreed on the 430 billion won ($405 million) acquisition yesterday with Woongjin Holdings Co. (016880), holder of a 46 percent stake in Woongjin Chemical, and others, Toray said in a filing to the Tokyo Stock Exchange. (1345)

Toray, which makes filters to clean water, won preferential bidding rights for the stake in September.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.