▲ The corporate logo of South Korean beauty tech firm APR. (PHOTO NOT FOR SALE)(Yonhap)

 

SEOUL, Sept. 9 (Yonhap) -- APR said Wednesday it will absorb its wholly owned subsidiary APR Factory to improve management efficiency and strengthen business competitiveness.

 

The merger will be carried out without issuing new shares, with a merger ratio of 1-to-0. APR's ownership structure will remain unchanged after the merger.

 

The merger agreement is scheduled to be signed on Sept. 16, with the merger taking effect Dec. 31.

 

Through the merger, APR plans to improve the efficiency of allocating human and physical resources, streamline overlapping management infrastructure and reduce costs. It also plans to simplify its decision-making structure to respond swiftly to changes in the global beauty market.

 

APR Factory operates three production facilities — one in Gasan, Seoul, and two in Pyeongtaek, Gyeonggi Province.

 

"The merger is a strategic decision aimed at maximizing organizational and operational efficiency and enhancing our core business competitiveness," an APR official said. "Based on this, we will pursue growth in scale and improved profitability to enhance shareholder value."

 

jwc@yna.co.kr

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