[Asia Economy Reporter Seongpil Jo] Hwaseung R&A, a specialized company in core automotive parts, is undertaking a business structure reorganization through a spin-off.
Hwaseung R&A held a board meeting on the 28th and announced on the same day that it decided to spin off the current corporation into the existing company responsible for business and investment, 'Hwaseung Corporation,' and a newly established company specializing in automotive parts business, 'Hwaseung R&A.'
The effective date of the spin-off is February 28 of next year.
Both companies are scheduled to be re-listed and newly listed on the KOSPI market on March 15 of next year, respectively.
Hwaseung R&A explained, "The spin-off was decided with the purpose of separating investment and operations, separating automotive and non-automotive businesses, and strengthening the global operating system."
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