[Public Notice+] Maxlotec "Early Payment of Balance... New Management and Growth Drivers Accelerate"

[Asia Economy Reporter Hyunseok Yoo] Maxrotech announced on the 20th that the largest shareholder has changed from CEO Kim Inhwan to Beacle System.

Initially, there was a disagreement over the acquisition price, leading to a change in the payment date once on December 27 last year. However, based on mutual trust, new executives were appointed first, and through additional negotiations, the buyer Beacle System made the payment earlier than the designated balance payment date, according to the company.

A Maxrotech official stated, "Through this merger and acquisition, we expect rapid growth in the new growth engine, the smart factory business," adding, "The new management team, composed of smart factory experts, plans to attempt business diversification by creating high synergy through the fusion of Maxrotech's robotic automation technology and Beacle System's automotive electronic hardware and ICT software technology."

Maxrotech is currently negotiating turnkey factory automation system contracts with numerous manufacturers and expects visible results in the second half of the year. Additionally, on the 30th of last month, Beacle System boldly transferred the overseas rights of the ‘Air Dome Mask,’ which it directly developed during this acquisition process, to the listed company Maxrotech. By combining the accumulated sales networks of both companies, they have laid the groundwork to supply not only domestically but also to advanced markets such as the United States, Europe, and Japan, as well as China, Southeast Asia, and worldwide.

A company representative explained, "There is an influx of export-related inquiries not only from Korea but also from many overseas countries including China and Vietnam, and negotiations are underway regarding supply to Chinese hospitals, global automotive companies, and large online shopping malls," adding, "Due to the recent COVID-19 outbreak, situations have occurred where factory operations have been halted, leading to a surge in inquiries about factory automation equipment."