Hansol EME, an affiliate of Hansol Group, said Friday that it inked an acquisition deal with industrial boiler technology firm SeenTec Co. to dive into the power plant business and secure a new growth engine.
The company, specializing in integrated plant projects, signed an agreement with SeenTec this week to acquire a 34.17 percent stake, taking over 3.3 million of its shares worth $33 million in total, according to its officials.
The event takes place as the power plant business is projected to scale up to record $30 billion in the global market by 2015.
With the help of SeenTec, Hansol EME aims to take a larger role in the power plant business that has high entry barriers but few Korean competitors, its officials said.
SeenTec, established in February 2001, has gained top technology in engineering and manufacturing of mid and large-sized boilers, which are essential parts of the power plant business.
The total sales of SeenTec reached $150 million last year, with its overseas orders taking up 75 percent of its total sales in the same year.
“Through the acquisition, we plan to transform the power plant manufacturing and engineering into one of the group’s new growth engines,” said a Hansol official.
By Cho Ji-hyun (firstname.lastname@example.org)