Showa Manufacturing Co.,Ltd. cancelled the acquisition of an additional 20% stake in Korea Pionics Co., Ltd from Japan Pionics Co., Ltd.
December 17, 2014 at 11:00 pm
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Showa Manufacturing Co.,Ltd. (FKSE:5953) agreed to acquire an additional 20% stake in Korea Pionics Co., Ltd from Japan Pionics Co., Ltd. for KRW 2.8 billion on December 18, 2013. Showa Manufacturing will acquire 1.5 million shares of Korea Pionics. Korea Pionics reported net assets of KRW 17 billion, total assets of KRW 18.3 billion, sales of KRW 16.2 billion, operating loss of KRW 274 million and net loss of KRW 357 million for year ended December 2012. The transaction contract conclusion is expected to take place on December 24, 2013 and transaction is expected to be completed on December 25, 2013.
Showa Manufacturing Co.,Ltd. (FKSE:5953) cancelled the acquisition of an additional 20% stake in Korea Pionics Co., Ltd from Japan Pionics Co., Ltd. on December 18, 2014.
Showa Manufacturing Co., Ltd. is mainly engaged in the manufacture, distribution and contracting of air conditioning equipment, heat source equipment, environmental equipment and others. The Company operates in three business segments. The Equipment segment is engaged in the manufacture and sale of air conditioning equipment, including fan coil units and air handling units, among others; heat source equipment, including boilers, heaters and burners, among others; environmental equipment, including circular hot bath equipment, air purifiers and others, as well as heat treat furnace for liquid crystal panel manufacturing use. The Material Processing segment is engaged in the manufacture and sale of landscaping products including bridge rails and safety barriers, as well as ductile cast iron and special alloy cast products. The Service Engineering segment engages in contract construction work for air conditioning and plumbing sanitary.