Toray Industries acquires stake in Woongjin Chemical

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Toray Industries acquires stake in Woongjin Chemical

A unit of Toray Industries Inc. will acquire a 56 percent stake in Woongjin Chemical Co., a Korean fiber and water treatment filter maker.

Toray Advanced Materials Korea Inc., a wholly-owned unit of Tokyo-based Toray, agreed on the 430 billion won ($405 million) acquisition Wednesday with Woongjin Holdings Co., holder of a 46 percent stake in Woongjin Chemical, and others, Toray said in a filing to the Tokyo Stock Exchange.

Toray, which makes filters to clean water, won preferential bidding rights for the stake in September. Bloomberg

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