Sewon Completes Acquisition of Uno & Company... "Strengthening Electric Vehicle Parts Business and Pursuing New Ventures"

[Asia Economy Reporter Jang Hyowon] Seowon, a specialized company in automotive air conditioning system components, has completed the acquisition of Uno & Company, a specialized manufacturer of synthetic fibers for wigs.

On the 27th, Seowon announced that it had completed the payment for the acquisition of Uno & Company. Seowon is the largest shareholder, holding 28.36% of Uno & Company's shares.

Uno & Company, established in 1999, is a specialized company in synthetic fibers for wigs. It mainly produces PVC (polyvinyl chloride) yarns and eco-friendly flame-retardant PET (synthetic resin) wig yarns, which require advanced technology, and exports them to the United States, Europe, Africa, and other regions.

A Seowon official said, "Starting with the acquisition of Uno & Company, which has outstanding technological capabilities in the synthetic fiber sector for wig yarns, business diversification at the Polaris Group level will be in full swing. Both Seowon and Uno & Company, which have stable performance bases, will closely cooperate to maximize business synergy and establish new growth engines."

Seowon plans to actively secure new growth engines with Uno & Company while further strengthening its existing electric vehicle parts business operations. This follows news of increased investments by global electric vehicle companies, including Ford Motor Company in the United States. Earlier, Ford announced plans to make 40% of its global vehicle production electric by 2030 and to increase investment in electric vehicle development and production to $30 billion (approximately 33.5 trillion KRW) by 2025.

Seowon has secured orders for header condensers for Ford's Lightning electric pickup truck F-150 and plans to supply mass production starting in 2022. The F-150, first unveiled on the 19th, is reported to have already received 70,000 pre-orders.

Uno & Company will hold an extraordinary general meeting of shareholders on the 28th to newly appoint six board members, including Seowon Chairman Jo Sung-woo. Business purposes such as autonomous driving, electric vehicles, hydrogen vehicles, semiconductors, blockchain, and biopharmaceuticals will also be added.

Polaris Group, composed of Seowon, Polaris Works, and Polaris Office, aims to expand business synergy among group companies this year and achieve mutual growth through external growth such as the acquisition of Uno & Company.

This content was produced with the assistance of AI translation services.