Toray’s Korean Unit Completes Acquisition of Woongjin Chemical

Toray Advanced Materials Korea, the local unit of Japanese chemical firm Toray Industries, has completed the acquisition of Woongjin Chemical.

Toray Advanced Materials Korea said on March 3 that its takeover of Woonjin was completed last week by making a payment for a 56.21 percent stake in the Korean chemical tech company.

Toray did not reveal the amount of the stake, but the deal was estimated at about 430 billion won (US$401.5 million).

The South Korean unit of Toray Industries was picked as the preferred bidder for Woongjin Chemical in October last year. The company reportedly plans to change the name soon at a coming shareholders’ meeting.