Juseong Engineering Approves Human and Physical Division at Extraordinary General Meeting... "Sustainable Growth"

"Securing Customers in Asia, Americas, and Europe for Semiconductors, Display, and Solar Power"

Jusung Engineering will split its semiconductor division and solar power & display division. The company plans to continuously secure customers in Asia, the Americas, and Europe through technological innovation in semiconductors, displays, and solar power.

Hwang Cheol-ju, Chairman of Jusung Engineering, is being interviewed at Jusung Engineering Yongin R&D Center in Gyeonggi on April 24. Photo by Kang Jin-hyung aymsdream@

Jusung Engineering announced on the 8th that the split plan, which was proposed as an agenda item at the 30th extraordinary general meeting of shareholders, was approved at the meeting.

After the extraordinary general meeting, a 20-day period for exercising the right to request stock purchase will proceed. The company split is expected to be finalized once the company pays the stock purchase request price.

However, if the stock market remains sluggish and the stock purchase request amount exceeds the previously disclosed limit of 50 billion KRW, the company plans to hold a board meeting to reconsider the amount limit.

Previously, Jusung Engineering announced on May 2nd through a board resolution that it would separate its semiconductor, solar power, and display businesses.

With this split, Jusung Holdings will serve as the holding company. The founder, Chairman Hwang Cheol-ju, will lead Jusung Holdings.

The semiconductor business division will be re-listed as Jusung Engineering. President Hwang Eun-seok, the only son of Chairman Hwang, and former ASML Korea CEO Lee Woo-kyung will serve as co-CEOs.

Jusung Lux, which operates the solar power and display business, will remain an unlisted company. Former head of semiconductor development at Jusung Engineering, Yoo Jin-hyuk, is expected to take the CEO position at Jusung Lux.

A company representative said, "Jusung Engineering is working for 'Only one' technological innovation and, based on this, will continue to secure customers in the semiconductor, display, and solar power markets across Asia, the Americas, and Europe to sustain growth."