Woongjin Food announced that it won the ‘the ‘$20 Million Export Tower’ award at the 60th Trade Day commemorative event.The award ceremony for the Top Exporter is scheduled to take place under the auspices of the Korea Trade Association on Trade Day every December 5. The association honors companies
The Seoul Bankruptcy Court recently told Woongjin Energy to stop its corporate rehabilitation procedure. This means the only remaining solar wafer and ingot manufacturer in South Korea is about to go under and the solar power industry of the country is about to collapse. Woongjin Energy was set up i
People Power Party lawmaker Han Moo-kyung remarked on Feb. 9 that South Korea’s low-iron patterned glass production for use in solar panels is zero and its dependence on imports from China is almost 100 percent, with its dependence on Chinese photovoltaic cells and modules increasing fast.Low-iron p
Hedge funds are emerging as new players in the M&A market. Their scope is expanding to financing for PEFs and buyout deals.According to investment banking sources, AJ Group acquired 100 percent of Daelim Industrial’s and Affirma Capital’s shares in Daelim Motorcycle, the largest motorcycle supplier
SKC has recently decided to stop its ethylene vinyl acetate (EVA) sheet business.“We made the decision for more business efficiency with photovoltaic market conditions deteriorating and competition intensifying due to China,” the company explained. The pre-tax net losses of SKC Eco-Solutions’ EVA bu
The Korea International Trade Association announced on Feb. 16 that South Korea’s photovoltaic module imports from China totaled US$367.52 million last year, up 67.4 percent from a year ago, while South Korea’s photovoltaic module exports to China fell from US$1,423,000 to US$437,000.Experts point o
Seven companies, including SK Networks, have joined the preliminary bidding to acquire Woongjin Coway Co. which is roughly valued at 2 trillion won ($1.68 billion).Korea Investment & Securities Co., the lead manager for the sale of the water purifier rental company, received a letter of interest (LO
The price of polysilicon, a core material for solar modules, has plummeted by more than 50 percent in less than one and a half years. Korean polysilicon producers, who have been suffering from a price war that was sparked off by Chinese companies more than a year ago, are being pushed to the point o
Woongjin Group will resell water purifier business Coway in just three months after it re-acquired the lucrative firm in six years. The painful decision is intended to stave off financial risks as the group’s solar cell manufacturer Woongjin Energy suddenly entered into court receivership.The group
Short sellers are hit hard by a “surprise rally” in the South Korean stock market this year. They are making a huge loss this year, unlike last year when they made a big gain from the slump in stock prices.The prices of 14 out of the 20 most shorted stocks in the KOSPI and KOSDAQ markets rose higher
In the Korean capital market, private equity funds (PEFs) are no longer “meoktwi,” or eat-and-run capital, or corporate raiders. They have become a major player in the Korean capital market and are changing the nation's industrial landscape.The domestic PEF market has steadily grown since the Ko
While the Woongjin Group has decided to acquire Coway Co. for 1.68 trillion won (US$1.51 billion), industry analysts are questioning its financing ability.Last month, the group signed a stock purchase agreement with MBK Partners to acquire 22.17% of Coway shares for 1.68 trillion won (US$1.51 billio
Woongjin Group has decided to buy back Coway, a water purifier manufacturer which it sold five years and seven months ago.Woongjin Thinkbig, the group's key affiliate engaged in book publishing, announced on Oct. 29 that it would acquire 16.358 million shares (22.17 percent) of Coway Co. for 1.6
The Visit-Korea Committee will hold the 2018 Korea Grand Sale,a shopping, culture and tourism festival for foreigners from January 18 to February 28.(http://www.koreagrandsale.co.kr/en)First of all, the committee will hold Special Hospitality Week (Jan. 26 to Feb. 25) as many foreigners are expected
The photovoltaic (PV) industry has flourished this year. Experts predict that this year’s solar power installations will surpass 70 gigawatts (GW), more than 68 GW of the estimated installation at the beginning of the year. This is largely due to growing demands in China and the U.S., the two bigges
Naver will start charging for the use of “Naver Works,” which was originally launched last year as a free company cooperative service, from as early as next month.The company, which was considered to be only an Internet portal service provider, is entering the cloud-based business to business (B2B)
The South Korean government and the Bank of Korea (BOK) will operate a program to stabilize the corporate bond market worth 1 trillion won (US$847.46 million) in the second half of this year in a bid to temporarily solve the liquidity crisis. This is for the Korea Credit Guarantee Fund (KODIT) to ta
Woongjin Foods will participate in the Dubai Food Festival 2015, which will take place in Dubai from Feb. 8 to 12. It is the largest food fair for buyers in the Middle East.At the festival, Woongjin Foods will unveil its popular brand products in the global market, including “Nature 790 Days Aloe” a
Korean photovoltaic power companies showed a significant performance improvement in the first quarter of this year.Hanwha Chemical recorded 83 billion won (US$81.3 million) in operating profits during the period. The successful turnaround can be attributed to its photovoltaic business unit, which po
The number of the subsidiaries of major business groups subject to the cross shareholding restriction dropped for two consecutive years due to the collapse of the STX, Tong Yang, and Woongjin Groups. At the same time, the asset and profit divide between top conglomerates and the rest is widening at