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| ▲ An image of the corporate logo of Hanwha Impact Corp. provided by the company (PHOTO NOT FOR SALE) (Yonhap) |
Hanwha Impact-takeover
Hanwha Impact inks deal to buy ship engine maker
SEOUL, July 11 (Yonhap) -- Hanwha Impact Corp., a chemical materials unit of South Korean conglomerate Hanwha Group, said Tuesday it has signed a deal with HSD Engine Co. to purchase a major stake in the local ship engine maker.
The contract calls for Hanwha Impact to acquire a 32.77 percent stake in HSD Engine for 226.9 billion won (US$175 million).
Hanwha Impact would become HSD Engine's biggest shareholder. The deal came after Hanwha Impact inked a preliminary agreement with HSD Engine for the stake purchase in February.
Hanwha Impact expected its takeover of HSD Engine to be completed this year, pending approval from South Korea's antitrust regulator.
Hanwha Impact said the combination would help the company deal preemptively with international carbon-emission regulations, given the anticipated synergy of its eco-friendly power generation technologies and HSD Engine's advanced engine-making capabilities.
Defense-to-energy Hanwha Group had earlier acquired a 49.3 percent stake and managerial control in Daewoo Shipbuilding & Marine Engineering Co., which has been renamed Hanwha Ocean.
Hanwha, South Korea's No. 7 conglomerate, has 99 subsidiaries under its wing, with their combined assets totaling 83 trillion won ($64.2 billion).
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