Kemtronics Terminates Contract to Acquire Samsung Electro-Mechanics Wi-Fi Module Business

[Asia Economy Reporter Minji Lee] Kemtronics announced on the 28th that its subsidiary Witz has decided to cancel the stock transfer agreement signed to acquire the Wi-Fi module business from Samsung Electro-Mechanics. The business and stock transfer payment amount is approximately 105.5 billion KRW.

The company stated, "We confirmed that the Wi-Fi module market is rapidly changing, increasing the possibility of profitability deterioration," and added, "Both parties mutually agreed to return the contract deposit already paid."