Suh Jung-min, CEO of KR Motors, unveiled his vision of reinvigorating Korea's motorcycle industry by increasing R&D investment and improving the efficiency of its sales network on the back of the company's latest acquisition of a unit of Daelim Motor Company.
KR Motors, the nation's second-largest motorbike maker, signed a deal on July 11 to acquire the motorbike manufacturing unit of Daelim Motor Company, the nation's largest company in the industry, for 33.4 billion won.
The acquisition is set to be completed by October 2017. Under the terms of the deal, KR Motors can use Daelim's trademarks for free for one year.
Suh said, "To create maximum synergy effects, the two companies will eventually be merged into one in the long run."
The size of the nation's motorcycle market stood at about 300,000 units in the 1990s. The market, however, has contracted sharply to about 150,000 units after the Asian financial crisis and then plunged to less than 100,000 units in and after the global financial crisis in 2009.
Suh said, "Given that the sales of high end bikes from Japanese and German makers and low end models from Chinese companies are growing steadily, there should be a chance for local companies to revive in this market."
Mirae Asset Global Investments Co. Ltd. invested 54 billion won ($48 million) last week in mezzanine debt secured on two warehouses leased to FedEx Corporation on behalf of South Korean institutional investors, in its second investment in the logistics facilities&hellip
Hana Financial Group, the parent company of KEB Hana Bank, will acquire a shopping center building and its surrounding land in a small Japanese city in a deal worth around 50 billion won ($44 million), with a view to reselling&hellip
KEB Hana Bank, a leading South Korean lender, has arranged $300 million lease financing for an aircraft portfolio of Avolon, in the first financing arrangement by a South Korean bank for the Irish aircraft leasing firm, according to local newspaper reports.&hellip