Hyosung Acquires Agfa Film Factory
By Cho Jin-seo
Staff Reporter
South Korea’s Hyosung group said Wednesday it took over for an undisclosed price the industrial film manufacturing department of Agfaphoto, the German photographic film maker bankrupted last year.
The facility in Leverkusen, Germany, will produce plastic films for industrial use, such as automobile windshield coatings, construction materials or films used in LCD and PDP TV panels.
Hyosung said the factory will be operated by its new German subsidiary OpCo, which became the group’s 40th affiliate.
Wilfried Sill, AgfaPhoto’s managing director, was named head of the new firm which has some 50 employees remaining for production. The new company is expected to raise the number of employees to 70 by the end of the year.
``It is meaningful that a Korean company acquired assets of a foreign firm that has a global brand and advanced technologies,’’ Hyosung said in a statement.
Hyosung, a Korean industrial conglomerate, was founded in 1957. It operates in diverse fields including chemicals, textile and industrial synthetic fibers, machinery, construction, information technology and trade.
The group said acquisition of Agfa will further boost its expansion into the chemical material industry, though it does not have immediate plans to produce photographic films which is what Agfa has been renowned for.
``Agfa has a strong competency in the field. If a company is able to make photographic films, that means it can easily make any other industrial films,’’ said the group’s spokesperson Cha Yu-na.
Agfa was founded in 1867, and has been a prominent maker of consumer products such as cameras and photographic films. However, its consumer imaging division spun off from the company in 2004 as the traditional film industry suffered downturns due to rising demand for digital cameras.
Agfaphoto eventually filed for bankruptcy after just one year of the separation in May of 2005.
indizio@koreatimes.co.kr
04-12-2006 19:37