Dongkook Ind. Co., Ltd. (KOSE: A001620) and an unknown buyer completed the acquisition of Innovative Components Technologies GmbH from the management of Innovative Components Technologies GmbH.
September 04, 2013 at 12:00 am
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Dongkook Ind. Co., Ltd. (KOSE: A001620) and an unknown buyer signed an agreement to acquire Innovative Components Technologies GmbH from the management of Innovative Components Technologies GmbH on August 8, 2013. Dongkook will acquire 69.99% stake with 6.99 million shares of Innovative Components Technologies for KRW 10.5 billion. The ICT locations Tachov (Czech Republic) and Borja (Spain) are not impacted by the insolvency and will be acquired by Dongkook Ind. Co. as well.
After the acquisition Innovative Components Technologies will continue operating under the name KDK Automotive. Innovative Components Technologies has annual sales of more than €200 million (KRW 297.12 billion). There will be no loss of jobs. The transaction has been approved by the creditors and the Board of Directors of Innovative Components Technologies on on July 29, 2013. Board of Directors of Dongkook passed the resolution on August 27, 2013. The transaction is expected to close by August 29, 2013. The conversion was made through www.oanda.com as of August 9, 2013.
Hoeltershinken & Kollegen acted as insolvency administrator of Innovative Components Technologies (ICT) GmbH and Dirk Liedtke of Mummert & Company acted as financial advisor for insolvency administrator of Innovative Components Technologies. Jens Petershagen of Petershagen Kommunikation GmbH acted as public relation advisor for Hoeltershinken & Kollegen. Mathias Schröder, Alexander Weber, Helge-Torsten Wöhlert, Stephan Degen, Reinhard Siegert, Ulrike Helkenberg, Anita Bohn, Fabian Gerstner, Steffen Wilberg, Martin Reufels, Kerstin Deiters, Markus Schmülling, Anton Horn and Sönke Popp of Heuking Kühn Lüer Wojtek acted as the legal advisor to Dongkook Industries Co. and Juan Ferre of Jones Day acted as the legal advisor to Innovative Components Technologies GmbH. Christoph Bottermann, Matthias Kirsch, Axel Berninger and Monika Wetzlerová-Deisler of Schindhelm acted as the legal advisor for the administrator. Garrigues and Kocian Solc Balastik acted as the legal advisors for the buyer.
Dongkook Ind. Co., Ltd. (KOSE: A001620) and an unknown buyer completed the acquisition of Innovative Components Technologies GmbH from the management of Innovative Components Technologies GmbH on September 4, 2013.
KBI DONGKOOK IND CO., LTD, formerly DONGKOOK IND.CO., LTD, is a Korea-based company mainly engaged in the manufacture of automobile components. The Company's products consist of injection molding products such as crash pads reinforcements, front carrier assemblies, console floor assemblies, glove box assemblies, cluster facia assemblies, shroud steering, washing tank assemblies and nozzle defroster assemblies; blow molding products such as blow heater connection assemblies, which are used for air conditioners and heaters, and luggage board assemblies used for loading products in car trunks. The Company is also engaged in the rental business and construction business. It supplies its products within domestic market and to overseas markets.
Dongkook Ind. Co., Ltd. (KOSE: A001620) and an unknown buyer completed the acquisition of Innovative Components Technologies GmbH from the management of Innovative Components Technologies GmbH.
KBI DONGKOOK IND.CO.,LTD. 
