SEOUL, KOREA - Rocket Electric, which has specialized in manufacturing of batteries for 67 years since its foundation in 1946, acquired stakes in two biotech companies including Newgen Pharm and Cell-Tech.
Rocket Electric acquired the stakes for simple investment purposes. To this end, the company issued 15 billion won worth of bonds with warrant.
A Rocket Electric official said, "We plan to establish a 100-percent-owned subsidiary Rocket Bio in the future. On the back of these acquisitions, we will attempt to secure new growth engines for new 100 years to come."
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