SL Bionics Secures Growth Foundation Through Merger with Woosung Industry

[Asia Economy Reporter Jang Hyowon] SL Bionics announced on the 29th that it has completed a merger with the eco-friendly petroleum fuel company 'Woosung Industry' to restructure its business, turn operating profit positive, and enter the eco-friendly fuel production and sales business.

The company signed an acquisition agreement worth 35 billion KRW with Woosung Industry in February. Both parties agreed on a merger decision with a 1 to 0 merger ratio through a no-capital increase method, and it is known that there will be no issuance of new shares or changes in major shareholders' equity.

Woosung Industry is an ESG eco-friendly fuel production and sales company with an annual capacity of 144,000 tons, producing and selling WS B-C oil, a high-efficiency clean fuel, as its main product. It is highly regarded for possessing superior eco-friendly fuel production technology compared to competitors.

An SL Bionics official stated, “As the uncertain global economic recession prolongs and the refining margin, a profitability indicator for refineries, remains at a high level, we will leverage Woosung Industry’s production capabilities as a foothold to generate new sales and operating profits,” adding, “We will do our best for the company’s development and enhancement of shareholder value.”

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