Polaris Office Group Acquires Uno & Company... Accelerating Business Expansion Through M&A

[Asia Economy Reporter Jang Hyowon] ‘Polaris Office Group’ is embarking on aggressive expansion through mergers and acquisitions (M&A) to grow its scale in earnest. The group has launched an aggressive business expansion to secure future growth engines in preparation for the post-COVID-19 era.

On the 14th, Seowon, a specialized automotive air conditioning system parts company, announced that it will acquire a 17.02% stake in Uno & Company, a synthetic fiber manufacturer for wigs.

Uno & Company, established in 1999, is a specialized manufacturer of synthetic fibers for wigs. It mainly produces PVC (polyvinyl chloride) yarns and eco-friendly flame-retardant PET (synthetic resin) wig yarns that require advanced technology, exporting them to the United States, Europe, Africa, and other regions. In 2015, it was selected as the only company in Jeonbuk Province to receive government support under the ‘World Class 300’ program.

Last year, on a consolidated basis, the company recorded sales of 48.9 billion KRW and an operating profit of 5.3 billion KRW, marking increases of 15% and 389% respectively compared to the previous year. During the same period, the consolidated net profit also turned positive from a loss the previous year, reaching 1.8 billion KRW.

A Seowon official stated, “Uno & Company, which possesses outstanding technology in synthetic fibers for wig yarns, achieved strong performance centered on the African wig market despite COVID-19 last year. Seowon plans to diversify its business areas into ESG (environmental, social, and governance) sectors such as modular (prefabricated) manufacturing and synthetic fiber production, following its existing electric vehicle air conditioning parts business.”

He added, “Since the launch of Polaris Office Group, our company along with Polaris Office (formerly Infraware) and Polaris Works (formerly IA Networks) have been actively expanding business areas to secure new growth engines. Through the acquisition of Uno & Company, we plan to expand a stable business foundation and conduct aggressive sales activities to enhance corporate value.”

Meanwhile, on the 29th of last month, Polaris Office, Polaris Works, and Seowon officially launched the ‘Polaris Office Group’ under the leadership of Chairman Jo Sungwoo, continuing stable management. At this year’s regular shareholders’ meeting, Seowon newly added the following business purposes: ▲ MRO wholesale and retail trade ▲ rental business for products and goods ▲ modular manufacturing, sales, and leasing.