HS Hyosung sells US trade unit to Hyosung for 34 billion won

HS Hyosung's U.S. subsidiary, "HS Hyosung USA Holdings," will transfer the trade business institutional sector to Hyosung Co., Ltd.

HS Hyosung said the previous day it held a board meeting and disclosed that HS Hyosung USA Holdings decided to transfer the entire trade business to Hyosung USA. The transfer price is 34 billion won, and the scheduled transfer date is on the 31st.

Accordingly, assets and contracts, rights, personnel, and other assets and liability related to HS Hyosung's U.S. subsidiary's trade business will be transferred to Hyosung. HS Hyosung will secure cash liquidity through this.

An HS Hyosung official said the transfer is "to enhance corporate value through management efficiency and business structure reorganization."