South Korean battery equipment maker CIS said on Tuesday that it will merge with affiliate SNU Precision.
The battery equipment maker will hold a shareholders meeting for the decision on October 29. CIS and SNU Precision will merge on a 1:0.1994714 ratio on December 1.
CIS is a battery equipment maker while SNU Precision manufactures both production equipment for battery and display.
Equipment maker SFA is the largest shareholder of both companies; it owns 32% of CIS and 37% of SNU Precision.
The company is likely aiming to further strengthen its battery equipment business with CIS while SNU Precision’s earnings have been lackluster in recent years.
DY Holdings owns 40% of SFA; DY Holdings is wholly owned by vice chairman Jin Won, the son of SFA founder Jong-mok Won.
