Hurim A-Tech Ends Business Relationship with Canaria Bio... "Core Business-Driven Performance Growth"

The relationship between Hurim A-Tech and Canaria Bio has been finally concluded.

Hurim A-Tech announced on the 4th that it has completed the recovery of bonds held from Canaria Bio M. Hurim A-Tech plans to accelerate the performance growth of its automotive interior and exterior materials business, centered on the Asan plant it recently acquired.

Hurim A-Tech proceeded with fund recovery through a sales contract with Canaria Bio M for the second series of convertible bonds with warrants (BW) issued by Canaria Bio, totaling 6 billion KRW. It recovered 2 billion KRW each in October and November of last year, and recently received the remaining payment of 2 billion KRW.

A Hurim A-Tech official stated, “The new largest shareholder, Hurim Robot, is strengthening responsible management by voluntarily placing all shares under a three-year lock-up period, and with this bond recovery, the relationship with the previous largest shareholder has been completely terminated,” adding, “We will fully focus on performance growth centered on our core business to maximize shareholder value.”

Hurim A-Tech acquired the Asan plant producing automotive interior and exterior materials from Canaria Bio M last year. While it mainly produced products for large sedans, the acquisition of the Asan plant has expanded the product portfolio to include small and medium-sized passenger cars and RVs (recreational vehicles), according to the company.

By simultaneously operating the Miryang plant and the Asan plant, stable supply capacity has been secured, resulting in increases in both sales and profits. Hurim A-Tech recorded sales and operating profit of 30.7 billion KRW and 2.1 billion KRW respectively for the cumulative third quarter of last year, up 24.10% and 75.99% compared to the same period the previous year.

A Hurim A-Tech official emphasized, “The performance growth trend due to additional production facility acquisition will continue this year as well,” and added, “We will continue to develop new products to secure new customers and expand additional orders in the future.”