This article was posted on the ChosunBiz MoneyMove (MM) site at 3:23 p.m. Oct. 23, 2025.
Domestically, wiring device manufacturer Shindong I&S (formerly Panasonic Shindonga) is seeking investment. Shindong I&S was sold to a domestic company after Japan's Panasonic withdrew from the Korean wiring device market. The company ranks second in market share in the wiring device market after Cheil Electric, a KOSDAQ-listed company.
On the 23rd, investment banking industry sources said home network company Bijoodream is seeking to invest in Shindong I&S. However, if an investor with strengths in the wiring device industry emerges, the company will also consider selling management rights. Accounting firm Samil PwC was appointed as adviser. It has entered a preliminary marketing process by distributing teaser letters to multiple strategic investors (SI) and financial investors (FI).
Shindong I&S is the successor to Panasonic Shindonga, which in 2006 became a foreign-invested company when Japan's Panasonic acquired 100% equity from the existing management. At that time, in the domestic wiring device market, Cheil Electric (formerly Cheil Electric Industries) and Shindong I&S were known as the "big two," together accounting for more than half of the overall market.
However, around 2020, a downturn in the construction industry and intensified cutthroat competition among firms led to serious management difficulties. In addition, conservative policies from the Japanese headquarters weakened sales to construction companies, causing cumulative deficits. Eventually, Panasonic sold all its equity to Bijoodream, a first-tier vendor that counted Samsung C&T and Hyundai E&C among its major construction clients, and withdrew from the Korean wiring market after 16 years.
After acquiring management rights in March 2022, Bijoodream changed its name and carried out intensive restructuring. It adapted an overly internalized system to the domestic environment and outsourced parts supply, creating an environment focused solely on product development. Bijoodream's strategy to expand its smart home and special sales markets also worked effectively. The company improved from a net loss of 7.2 billion won in 2021 to revenue of about 60 billion won and a net profit of 2.2 billion won as of the end of last year.
Currently, in the domestic wiring market, Cheil Electric and Shindong I&S hold about 20% and 10% market share, respectively, placing them at the top. They are followed by many companies including Legrand Korea, Jinheung Electric and Winners. An industry official said, "Because construction companies, the major customers of wiring firms, take a conservative view that emphasizes market recognition, reputation and references when selecting new suppliers, it is very difficult to move up from lower to higher ranks."
If Shindong I&S sells management rights, the transaction price is expected to be set in the mid-100 billion won range. That is because the market capitalization of the top company, Cheil Electric, is about 250 billion won, and Winners, with a market share of 4%–5%, has a market capitalization moving around about 84 billion won.
An IB industry official said, "This year the housing real estate market shows a preference for new construction, and with interest rate cuts the financial conditions of suppliers are expected to improve," noting, "There are buyers interested who are reviewing the company because its performance has steadily improved."