Toray Unit to Buy Woongjin Chemical Stake for 430 Billion Won

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.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE