ID :
202026
Thu, 08/18/2011 - 06:41
Auther :
Shortlink :
http://m.oananews.org//node/202026
The shortlink copeid
Hyosung inks deal to buy German maker of airbag fabric
SEOUL, Aug. 18 (Yonhap) -- Hyosung Corp., a South Korean maker of textiles, chemicals and heavy machinery, said Thursday that it has signed a deal to take over a German-based textile firm in a bid to diversify its business portfolio.
Under the deal, Hyosung will take over a 100 percent stake in Global Safety Textiles (GST) GmbH, which provides airbag fabrics to automakers and auto parts manufacturers with a global market share of 14 percent.
Hyosung did not disclose the financial terms of the deal.
Hyosung has 11 additional overseas business units in countries such as Germany, Poland, Romania, the U.S. and Mexico, it said.
Hyosung said the GST takeover will help the company systematize manufacturing lines of fibers and textiles for airbags and tap into the European and North American markets.
"We've used airbag-related businesses to secure a sustainable growth engine," said a Hyosung official, "and we'll strive to create synergy among other business sections."
Under the deal, Hyosung will take over a 100 percent stake in Global Safety Textiles (GST) GmbH, which provides airbag fabrics to automakers and auto parts manufacturers with a global market share of 14 percent.
Hyosung did not disclose the financial terms of the deal.
Hyosung has 11 additional overseas business units in countries such as Germany, Poland, Romania, the U.S. and Mexico, it said.
Hyosung said the GST takeover will help the company systematize manufacturing lines of fibers and textiles for airbags and tap into the European and North American markets.
"We've used airbag-related businesses to secure a sustainable growth engine," said a Hyosung official, "and we'll strive to create synergy among other business sections."
