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Business
Toray Buys Stake In Korean Affiliate
by Jean-François Tremblay
December 2, 2013
| A version of this story appeared in
Volume 91, Issue 48
Japan’s Toray Industries has agreed to pay $405 million for a 56% stake in Woongjin Chemical, a South Korean manufacturer of fibers, textiles, and water treatment filters. The purchase will be made by Toray’s South Korean subsidiary, which was a joint venture with Woongjin until 2010 when Toray bought out Woongjin’s stake. Toray is now buying shares from its parent, Woongjin Holdings, and from some minority owners. Woongjin Holdings is experiencing financial difficulties, according to Toray.
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