Airute "Woojin Gijeon Achieves 250 Billion KRW in Orders... Performance Growth to Continue Next Year"

[Asia Economy Reporter Hyunseok Yoo] Woojin Electric, which recently began full-scale preparations for listing, has once again succeeded in breaking its record for 'all-time high' order performance this year due to the arrival of a 'super cycle' driven by infrastructure construction in front-end industries such as semiconductors, displays, and renewable energy.

Airoot announced on the 15th that its affiliate, Woojin Electric, a specialized company in special power equipment engineering solutions, achieved a cumulative order amount of 250 billion KRW by November this year. This figure represents an approximately 78% increase compared to the same period last year (140 billion KRW).

The strong order performance of Woojin Electric is attributed to increased demand for power quality solutions due to facility expansions in advanced front-end industries such as semiconductors and displays, as well as the successful signing of large-scale contracts in the renewable energy solutions business.

Founded in 1984, Woojin Electric is a total power platform solution company. It provides differentiated total solution services covering research and development, distribution, installation, operation, and maintenance of various power equipment across four business areas: ▲Power Quality ▲Power Systems ▲Power Equipment ▲Renewable Energy.

A company representative stated, “Unlike competitors who only perform simple logistics and distribution roles, Woojin Electric has secured over 300 high-quality customers, mainly large corporations, by providing differentiated one-stop total solutions based on 37 years of know-how. This year, due to global supply shortages in the semiconductor and display industries where our major clients belong, large-scale expansions to resolve supply issues and expand market share, as well as full-scale infrastructure investments in the renewable energy sector driven by government policies, have led to numerous large projects, resulting in daily record-breaking performances.”

He added, “Investments in advanced front-end industries are expected to continue next year. Furthermore, the global trend of expanding eco-friendly energy infrastructure is projected to persist long-term, so Woojin Electric’s performance growth will continue beyond this year.”

Meanwhile, Airoot currently holds a 62.68% stake in Woojin Holdings, the holding company of Woojin Electric. Last December, it participated as a subordinated creditor in a private equity fund that acquired convertible bonds (CB) of Woojin Holdings and secured a call option to purchase all related CBs. If Airoot exercises the call option for all Woojin Holdings CBs in the future, its stake will increase to approximately 88.5%.

Woojin Electric aims to enter the KOSDAQ market in 2023 and selected NH Investment & Securities and IBK Investment & Securities as joint lead managers last month, officially beginning preparations for its initial public offering (IPO).

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