Kyungdong Navien will acquire smart home specialist COMMAX.
Kyungdong Navien said on the 17th that it will acquire COMMAX to strengthen its business of integrated control over indoor living environments. The acquisition price is about 32.8 billion won, and payment and other procedures are expected to be completed in Feb. next year. Even after the acquisition, the COMMAX brand, sales and production systems, and customer service will remain unchanged.
COMMAX is a leading Korean smart home company that has supplied wall pads, door locks, and closed-circuit (CC) TVs to Korea as well as more than 100 countries worldwide. Last year, it posted sales of 117.2 billion won and an operating loss of 12.3 billion won.
Kyungdong Navien expects to expand the "smart home system" by linking COMMAX's product lineup with its own flagship products—boilers, water heaters, dehumidifier-ventilation air purifiers, and "Navien Magic" kitchen appliances—and to develop it into a platform that enables integrated control of indoor living environments.
Kim Yong-beom, head of sales and marketing at Kyungdong Navien, said, "We plan to quickly expand market share and influence by leveraging COMMAX's product lineup and brand recognition," and added, "We will expand research and development and production capacity to maximize synergy through connections among each product."