[Asia Economy Reporter Hyungsoo Park] Kang Guk-jin, chairman of L&K Biomed, has purchased company shares.
L&K Biomed announced on the 27th that Chairman Kang Guk-jin bought 30,000 shares on the market, raising his stake to 14.44% (1,933,985 shares).
An L&K Biomed official explained, "Chairman Kang's purchase of shares is a demonstration of his determination to enhance corporate value based on confidence in the company's growth potential."
Earlier, in his New Year's address on the 3rd, Chairman Kang stated, "This year marks the first year of management normalization. We will increase sales and maximize operating profit through improvements in the management control system and aggressive marketing," adding, "We must realize shareholder value for shareholders and investors suffering from the recent stock price decline."
To effectively target the U.S. market, which accounts for more than 70% of total sales, L&K Biomed established the corporation L&K Spine USA. The marketing strategy will be directly managed by the headquarters.
Oh Jun-cheol, head of the newly established U.S. subsidiary, said, "We plan to complete the establishment of the U.S. corporation next month and start full-scale sales once the local sales organization is in place." He added, "We will share distribution networks through strategic partnerships with multinational companies in the U.S. and are also considering cross-selling products."
He further emphasized, "If L&K Biomed's top-tier technology and the aggressive marketing strategy of the newly established U.S. subsidiary create synergy in the U.S. market, I am confident that 'Korean-made spinal implants' will succeed."
Last year, L&K Biomed completed its second factory in Yongin and obtained GMP certification for its world-class specialized production facilities. The company is preparing for full-scale operation to meet the increasing export volume of its main products, the height-expandable interbody cage and spinal fixation plates.
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