Auto parts company SNT Motiv(064960) will merge its subsidiary SNT Robotics into itself.
SNT Motiv held a board meeting at its Busan headquarters on the 1st and approved a merger with SNT Robotics. The merger will proceed as a merger without issuing new shares, because SNT Motiv holds all of the outstanding shares of SNT Robotics.
It is also being carried out under the small-scale merger procedure under the Commercial Act, and the process will be completed with only board approval without a shareholders meeting resolution. Dissenting shareholders will not be granted appraisal rights.
An SNT Motiv official said the plan is to combine SNT Motiv's precision manufacturing and technologies in motors, drive systems and robot actuators with SNT Robotics' capabilities in developing finished robot products to strengthen companywide competitiveness in the robotics business, improve operational efficiency, and bolster the ability to win and execute new orders. The official added it could also contribute to enhancing corporate value and shareholder value over the mid to long term.