SEOUL, KOREA - Tongyang Group plans to sell its kitchen appliance unit Tongyang Magic to Kyowon Group. The group announced on June 17 that it decided to sell Tongyang Magic to Kyowon Group and expects to sign a final sales agreement soon. The sales price is estimated at around 200-250 billion won.
Tongyang Group plans to use the proceeds to improve its financial structure, including the repayment of debts.
Tongyang Magic is engaged in the production and sales of kitchen home electronics such as dish washers, steam ovens, and microwave ovens. Tongyang Magic posted sales of 298.1 billion won and an operating profit of 18.3 billion won last year.
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