[Public Notice+] Sewon Enters Bio Business... "New Management to Be Appointed at the General Meeting on the 12th of Next Month"

[Asia Economy Reporter Hyunseok Yoo] Seowon, a specialized company in automotive air conditioning system components, announced on the 28th that it is entering the bio business.

Seowon disclosed on the 27th that it will hold an extraordinary general meeting of shareholders on August 12 to resolve agenda items including partial amendments to the articles of incorporation, appointment of directors, and appointment of auditors. At this extraordinary general meeting, Seowon will add the following to its business objectives: ▲ pharmaceutical research and application, manufacturing and sales ▲ medical device research and application, manufacturing and sales ▲ new material development and contract research, manufacturing and sales ▲ manufacturing of vehicle bodies and special purpose vehicles.

Furthermore, Seowon will reappoint President Cho Hyun-woo and newly appoint five inside directors, two outside directors, and auditors to diversify its business. Inside director candidate Cho Kwang-hwi previously served as a researcher at the U.S. National Institutes of Health (NIH) and the National Cancer Institute (NCI), as well as the head of the Center for Molecular Design Technology Innovation. He also served as an auditor for Quantum Bio Solutions, the exclusive Korean supplier of Schr?dinger, a U.S. new drug development platform company. He is currently a director at Ajos Bio, a new drug development platform company.

A Seowon official stated, “We plan to appoint new management at next month’s general meeting and concretize the bio business,” adding, “Alongside the future eco-friendly vehicle parts business, including electric and hydrogen vehicles which are experiencing global high growth, the new bio business will be a dual pillar, and high growth is expected.”

Seowon supplies header condensers, key components of automotive air conditioning systems. It currently supplies header condensers for Hyundai’s hydrogen electric vehicle Nexo, Kona EV, Ioniq EV, and Kia’s Niro EV, and is developing various thermal management systems due to increasing demand for hydrogen and electric vehicle parts. Its subsidiary, Trinotech, a power semiconductor specialized company, signed an IPO underwriting contract with Shinhan Investment Corp. in June and is preparing for listing on KOSDAQ.