Kyungdong Navien will acquire Commax, a smart home technology company, for 32.8 billion won.
On December 17, Kyungdong Navien announced that it had made this decision to expand its smart home business.
The previous day, Kyungdong Navien signed an acquisition agreement with Commax. The related procedures are expected to be completed by February next year. Even after the acquisition, the Commax brand, sales and production systems, and customer service will be maintained.
Founded in 1968, Commax is a company that sells and supplies products such as CCTVs and door locks, as well as the networks that connect them. The company has exported related products to more than 100 countries.
Kyungdong Navien expects that by integrating its main products-boilers, water heaters, dehumidification and ventilation air purifiers, and Navien Magic kitchen appliances-with Commax's products and services, it will be able to establish a comprehensive hub for smart home systems.
Kim Yongbeom, Head of Sales and Marketing at Kyungdong Navien, said, "We plan to leverage Commax's products and brand recognition to rapidly expand our market share and influence, and to enhance synergy through product integration by strengthening our research and development and production capabilities."
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