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Toray Unit to Buy Woongjin Chemical Stake for 430 Billion Won

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Nov. 7 (Bloomberg) -- A unit of Toray Industries Inc. will acquire a 56 percent stake in Woongjin Chemical 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., holder of a 46 percent stake in Woongjin Chemical, and others, Toray said in a filing to the Tokyo Stock Exchange.

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