Toray set to buy Korea's Woongjin Chemicals

Reports from Korea indicate that membrane-maker Woongjin Chemical is to be acquired by Toray Advanced Materials of Japan.

In a bidding race with the likes of LG Group, GS Group and Unid, Toray is said to be the preferred negotiating partner of the Woongjin Group and its underwriter.

Woongjin is the largest manufacturer in Korea of reverse-osmosis membranes and therefore fits nicely with Toray, who offered Won 430 billion (US$ 397 million) for the company. Woongjin Chemical recorded Won 1.11 trillion (US$1.03 billion) in sales and Won 28.5 billion (US$ 26.3 million) in operating profits last year.

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