Sangji Kyleum Subsidiary Ace Biomed Completes Acquisition of Mask Manufacturer 'HD Medis'
[Asia Economy Reporter Jang Hyowon] Ace Biomed, a subsidiary of Sangji Kyleum, a KOSDAQ-listed company, announced on the 28th that it has completed the acquisition of HD Medis, a mask manufacturing specialist, by paying the remaining balance of the acquisition contract.
HD Medis is a mask manufacturing specialist that produces various types of KF-certified masks and daily masks, which have been sold domestically through convenience stores and pharmacies. Due to the impact of the COVID-19 pandemic in the first half of this year, sales surged to 9.8 billion KRW, which is 3.76 times the full-year sales of 2.6 billion KRW last year.
Ace Biomed decided to acquire HD Medis, which owns production facilities and distribution channels, as part of its coronavirus response business. Recently, the company has been rapidly expanding its business, including signing an annual supply contract for 300 million antiviral masks with Korea Jintech, which can eliminate 99.9% of the coronavirus, in partnership with 13 Mile Co., Ltd.
Furthermore, following the Ministry of Food and Drug Safety's announcement on the 12th to ease the export volume restriction of health masks from 30% of daily production to 50% of monthly production, the company plans to actively respond to HD Medis's large-scale overseas export backlog through investment in production facilities.
A company official stated, "The global spread of COVID-19 is prolonging. Medical reports indicate that its transmissibility has become stronger than before, so the demand for antiviral masks is expected to be substantial," adding, "In fact, besides 13 Mile, there are additional large-scale overseas supply contracts under discussion, so business expectations are high."
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The official continued, "Ace Biomed is also smoothly progressing with the COVID-19 diagnostic kits for which it has obtained export approval. The diagnostic device can confirm test results within 50 minutes, and when using Aram Biosystem's portable RNA extraction equipment, it is not restricted by location. Currently, we are receiving many inquiries from overseas buyers and are conducting related meetings."
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