Large South Korean companies have actively engaged in mergers and acquisitions (M&A) this year despite the economic fallout of the coronavirus outbreak, industry data showed Wednesday. Big businesses in Asia's fourth-largest economy spent a combined 11.45 trillion won ($9.7 billion) in 52 M&A cases in the first eights months of this year, according to the data from CEO Score. Big spenders include KB Financial Group Inc., a major South Korean banking group, which took over Prudential L

From a stock trading platform to water purifier services, South Korean game companies are diversifying their business portfolios, joining the economy-wide trend of finding auxiliary business models as their growth faces limits. Though Korea’s No. 1 game company Nexon posted its best quarterly revenue of 434.4 billion won ($353 million) -- a 78 percent surge on-year -- thanks to the steady sales of MapleStory and Fifa Online 4, the fast-changing nature of the game industry means that &ldq

The mergers and acquisitions scene in South Korea remains relatively vigorous, as small and medium-sized enterprises are looking for more chances to cash out assets amid the continued COVID-19 threat to markets and industries. With a slowing number of confirmed cases, deals that have been postponed for weeks due to the virus are back on the table. Below is a roundup of major M&A deals here and their progress in the previous week. Centroid to take over Woongjin book unit Woongjin unveiled

SPC Samlip, a bakery and restaurant franchise giant, said Friday it has appointed Hwang Jong-hyeon as its new chief executive. SPC Group, the holding company, said it has also appointed Ahn Ji-yong as the new CEO to lead its subsidiary SPC GFS. Hwang served as the CEO of Samjin Eomuk, a fish cake maker, and previously worked for Dongwon F&B, the food division for Dongwon Group, for 30 years to lead numerous mergers and acquisitions and contributed to the growth of Dongwon’s dairy

Woongjin Coway is now simply Coway after Netmarble’s acquisition of the company. Coway convened an interim shareholders meeting on Friday at its head office in Gongju, South Chungcheong Province, where it voted on loosing Woongjin from its company name. Netmarble Chairman Bang Jun-hyuk was made a director, as well as Netmarble-Coway task force team leader Seo Jang-won and Coway CEO Lee Hae-sun. 　 Four newly appointed outside directors were Kim Jin-bae, professor at Korea University Bus

Following rising demand for air purifiers, household appliance company Woongjin Coway is seeking to continue its lead in the market with its special filters, the company said Tuesday.According to research institute Growth From Knowledge, annual sales of air purifiers in South Korea have more than doubled recently, from about 700,000 in 2016 to 1.8 million in 2018, amid the rising threat of worsening fine and ultrafine dust levels. Korea’s No. 1 rental company of air purifiers by sales, Cow

South Korea was brimming with billiondollar mergers and acquisitions in 2019, mainly propelled by large business groups in search of new growth opportunities, along with the divestment of their noncore business units.Throughout 2019, Korean entities announced a record-high volume of M&A transactions worth a combined 37.7 trillion won ($32.6 billion), according to Maeil Business Newspaper’s capital market tracker Radar M.Experts say this uptrend will continue and will eventually fuel an

Netmarble’s acquisition of water purifier rental firm Woongjin Coway on Monday is facing skepticism from investors who feel it should focus on its core competencies to prove further growth potential.The South Korean game company revealed its intention to branch out to a whole new business field in October, when it was named the preferred bidder for a 25.08 controlling stake in Coway. Netmarble CEO Kwon Young-sik had said in a conference call with investors that the acquisition is a part of

MARKETING AWARDS/ GOLD PRIZEWOONGJIN COWAYBy Kim Hyoung-kwonMarketing division director and executive directorWe appreciate being selected for The Korea Herald’s Advertising Awards this year. Woongjin Coway is a life care company that aims to create a healthy and convenient lifestyle. We are doing our best to make our customers enjoy a safe living environment including water, air and sleep. Amid growing public concerns over fine dust particles each year, air purifiers have become

How does it add up when a games company acquires a home appliance rental business? Netmarble, a Korean firm that focuses on mobile game development and distribution, was on Monday named the preferred bidder for a 25.08 percent stake in Woongjin Coway, a firm that operates subscription services for water and air purifiers, mattresses and other miscellaneous household appliances.Netmarble, through an investors’ conference call the same day, explained that it will combine the technological ex

Woongjin Group said Thursday that the group will resell water purifier business Coway, just three months after completing its reacquisition, to stave off financial risks. The group will seek to sell a 25.08 percent stake in Woongjin Coway by hiring Korea Investment and Securities as an overseer. Woongjin had sold the unit to private equity MBK Partners in 2013. Then, in March, the group repurchased a 22.17 percent stake from the PE for 1.68 trillion won. It later bought an additional 2.91 percen

Woongjin Coway/ Clothing purifierSouth Korean water and air purifier maker Woongjin Coway unveiled a four-in-one air purifying solution in May that helps to remove fine dust residue on clothing.The Coway Four Seasons Clothing Purifier is designed to get rid of fine dust particles or bad odor left on clothing while purifying and dehumidifying the surrounding air at the same time. According to the company, the purifier has a four-part system that ensures clothes come out clean and wrinkle-free.Fir

Woongjin Group, a midsized South Korean conglomerate, will take back the country’s biggest small home appliance maker, Coway, after selling it off in 2013, the group announced Monday. In its regulatory filing, Woongjin said a consortium comprising Woongjin Thinkbig Co. and STIC Investment Inc. will purchase a 22.17 percent stake in Coway Holding for 1.68 trillion won ($1.48 billion) in a bid to diversify the group’s business portfolio. “I believe the rental business has great growth potential,”

[THE INVESTOR] Coway, Korea’s top water purifier rental service firm, is facing setbacks in its search for a new owner as its stock price continues to fall amid concerns about its products containing toxic chemicals. The share price closed at 90,100 won (US$78) on July 20, which compares to 107,500 won on July 1 before nickel was detected in some of its products. Fueling public anger, the company was found to have hid the fact over the past year without informing customers. The company apologize

Mergers and acquisitions in South Korea are expected to reach a record high this year as companies may try to streamline operations and find new sources of growth amid a prolonged business slump, experts said Wednesday. According to data by Daewoo Securities Co., the value of local M&As reached a record 77 trillion won last year, with the number of deals also hitting a record 427. "The government's policy that stresses corporate reform and economic revival will serve as a catalyst for the realig