The Chinese chemical company has set up a special purpose corporation in South Korea to take over the semiconductor material manufacturer that supplies key component for DRAM semiconductors -- its biggest client is SK hynix.
UP Chemical posted 21.2 billion won in operating profit and 60 billion won revenue last year.
Woori Renaissance Consortium, jointly formed by Woori Private Equity, Mirae Asset Daewoo Securities and Woongjin Capital, acquired a 70 percent stake in UP Chemical for 190 billion won in 2008.
The deal also included 31.16 percent stake of company founder Shin Hyeon-guk.
By Hwang You-mee (firstname.lastname@example.org)