STX Consortium Completes Acquisition of PK Valve... "Will Grow into the No.1 Valve Specialist Company Globally Beyond Korea"

- STX Consortium (STX Co., Ltd. - STX Marine Services) Acquires 3,642,640 Common Shares of PK Valve Following Completion of Payment
- PK Valve to Maximize Superior Technological Competitiveness Based on Industrial Know-how and R&D to Challenge Global Market Dominance
- STX Consortium Plans to Complete Acquisition of Heung-A Shipping as Scheduled to Foster Strategic Synergy Among STX Co., Ltd., PK Valve, and Heung-A Shipping

As the STX consortium completed the payment for the sales contract to Heung-A Shipping Co., Ltd. on the 28th, it has finalized the acquisition of ‘PK Valve,’ the No. 1 valve manufacturer in Korea.

Through this payment, the STX consortium acquired 3,642,640 common shares of PK Valve previously held by Heung-A Shipping Co., Ltd., becoming the largest shareholder and plans to actively support the management stability and revitalization of PK Valve going forward.

In fact, the STX consortium plans to focus its capabilities on growing PK Valve, Korea’s top industrial valve specialist, into a global No. 1 valve company by △strengthening core business competencies △securing domestic and international EPC/Major Owners △developing new technologies and diversifying product lines. Furthermore, in line with the post-COVID era, the expansion of the LNG market due to IMO 2020 regulations, and the government’s ‘Green New Deal’ policy, they are also concretizing plans to advance PK Valve’s LNG ship ultra-low temperature valve technology to establish a unique competitive edge in the eco-friendly valve market.

The related industry is closely watching the STX consortium’s acquisition of PK Valve. There is anticipation that Korea’s top valve company will secure new momentum and invigorate the entire domestic industry, while the business synergy between the two companies may inevitably be perceived as a threat by competitors. Industry experts predict that if PK Valve’s excellent technological competitiveness meets the powerful brand power and global network of STX Co., Ltd., it will be possible to build and complete an expandable value chain in the global market in the near future.

In response, a representative of the STX consortium stated, “Through this acquisition, we have laid the foundation for PK Valve to be recognized on the world stage,” adding, “We will practice responsible management to ensure PK Valve’s sustainable growth and aim to smoothly complete the acquisition of the competitive domestic shipping company Heung-A Shipping Co., Ltd., thereby maximizing synergy among the three companies.”