Announcing Business Expansion Including Strengthening Senior Care
Woongjin announced on the 16th that it has completed the acquisition of Fried Life, the No. 1 funeral service company in Korea, and plans to change its corporate name to 'Woongjin Fried Life'.
With this, Woongjin has finalized all acquisition procedures, including due diligence that began in December last year and approval of the business combination by the Fair Trade Commission over the past six months, securing a 99.77% stake in Fried Life. Fried Life is expected to play a key role in connecting the various business sectors within the group.
Woongjin Group logo. Woongjin
Through this acquisition, Woongjin has established a service base covering the entire life cycle, including leisure, finance, healthcare, nursing care, and funeral services, thereby clarifying its long-term vision to become a 'total life care' company.
Post-merger integration (PMI) is also progressing rapidly. The company is focusing on maximizing synergies between the two companies by establishing comprehensive integration strategies for organizational culture and operating systems, with plans to reorganize into a more organic and efficient organization.
Woongjin has adopted 'employment succession' as a principle and intends to maintain Fried Life's existing achievements and organizational culture as much as possible, while pursuing joint growth through organic cooperation with existing affiliates.
A Woongjin official stated, "We will actively support Fried Life so that it can take root stably within Woongjin, and by proactively providing care services throughout the entire life cycle of our customers, we will further solidify our position as a total life care company."
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