UPDATED. 2024-06-20 07:03 (목)
WONST aims to hit 100 billion won in revenue this year
WONST aims to hit 100 billion won in revenue this year
  • JY Han
  • 승인 2024.05.15 01:05
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THK rival to go public next year
WONST CEO Lee Taek-won Image: TheElec
WONST CEO Lee Taek-won Image: TheElec

Bearing maker WONST is targeting an annual revenue of 100 billion won this year, CEO Lee Taek-won told TheElec.

The company is aiming to list on the Korean bourse next year on the back of hitting the revenue target, Lee said.

WONST had originally aimed to go public this year, deciding on Shinhan Securities as the underwriter in 2022, but decided to push back the date to increase its performance before an IPO.

Last year the company recorded 47.5 billion won in revenue, a drop of 32.9% on-year and an operating loss of 4.8 billion won.

The drop in earnings was due to the downturn in the chip market and the overall economic slowdown.

Its Chinese subsidiary, WONST Weihai, in which it owns a 51% stake, saw a 47% on-year revenue drop to 15.6 billion won last year and posted a net loss of 5.8 billion won. Its businesses in Shanghai and Vietnam also recorded 300 million won and 2 billion won in net losses respectively.

CEO Lee said the company expected 2024 to also be difficult but it was aiming to expand its sales channel to return to growth.

Once the company’s production capacity goes fully live, WONST will be able to hit 150 billion won in annual revenue with margins of 15% to 20%, the CEO said.

Founded in 1989, WONST specializes in ball bearings used in factory automation. Its main revenue source is linear motion guides used in factory machines and robots.

Japan’s THK is the leader in linear motion guide: its South Korean joint venture Samick THK dominates in the premium motion market. The Japanese company is a direct rival to WONST.

CEO Lee sold all his stake to private fund Noh & Partners in 2021 for 84 billion won. He used the funds to become the highest investing limited partner to the fund Noh & Partners formed to continue leading WONST.

WONST also secured 20 billion won in funding from China-based laser equipment maker Han’s Laser. Last year, WONST recorded 1 billion won in revenue through Han’s Laser, an increase of 108% on-year.

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