SEOUL, KOREA - Dongwon Systems, a Dongwon Group company, said on November 21 that it has decided to acquire Hanjin Printing & Chemical, a company that manufactures and markets plastic films, sheets, and plates, at 35.1 billion won. With the latest acquisition, Dongwon Systems will be able to accelerate its move toward a specialty company in state-of-the-art materials for industrial customers.

 

Dongwon Systems president Cho Jum-geun said, "If we combine the resin business of Hanjin P&C with our flexible packaging materials business and aluminum rolling capability, we expect to see so much synergy."

 

Established in 1971, Hanjin P&C posted 70.04 billion won in sales revenue, 1.53 billion won in operating profit, and 6.2 billion won in net loss for the nine-month period this year. A Dongwon Group official said, "Although the company took net losses this year after a setback in an oil field investment, we decided to make an investment in the company for it has high potential in its main business lines."