The acquisition of Hyosung Chemical's special gas business, which Hyosung TNC is pursuing, passed the extraordinary general meeting of shareholders.

Hyosung TNC announced that the agenda for the 'Hyosung Chemical Special Gas Division Business Transfer' was passed as originally proposed with 2,501,407 shares, or 92% of the shares present, voting in favor at the extraordinary general meeting of shareholders held at its headquarters in Mapo, Seoul on the 23rd.

The business subject to the acquisition is the special gas manufacturing and sales business including Hyosung Chemical's Yongyeon and Oksan plant production facilities, and the acquisition price is KRW 920 billion.

Previously, the National Pension Service (6.99%) and public pension funds such as the California Public Employees Retirement System (CalPERS) and the California State Teachers Retirement System (CALSTRS) also expressed their support for this agenda.

In his opening remarks, CEO Kimchi-hyung said, “Hyosung TNC has decided to acquire Hyosung Chemical’s special gas business division in order to secure a future growth engine, and through this, we aim to accelerate our transition to a high value-added business.” He added, “Through continuous innovation and growth, we will establish ourselves as a company trusted by customers and the market.”

Hyosung TNC established a new subsidiary, Hyosung Neochem, and completed the transaction by January 31 and began full-scale operations on February 1.Commits.

Lee Geon-jong, CEO of Hyosung Chemicals, was appointed as the first CEO of Hyosung Neochem.

Through this acquisition, Hyosung TNC expects to create synergy effects with its existing NF3 business and secure new growth engines, thereby increasing corporate value and shareholder value.

In particular, Hyosung Neochem will immediately become a global top player by adding Hyosung TNC's Quzhou NF3 production capacity in China (3,500 tons per year) to its total annual NF3 production capacity of 11,500 tons, the second-highest in the world.

In addition, by acquiring the special gas business, which is an essential material for the semiconductor business with high growth potential, it is expected that it will be able to build a diversified business portfolio and disperse management risks.

Based on the stable cash generation ability of the spandex fiber business, the company expects to increase stability, profitability, and growth potential by adding the high value-added specialty gas business.