Hankook Tire acquires controlling stake in Canada's Preciseley Microtechnology

By Lim Chang-won Posted : December 1, 2021, 10:07 Updated : December 1, 2021, 10:07

[Courtesy of Hankook Tire]

SEOUL -- The parent company of South Korea's top tire maker, Hankook Tire & Technology, will diversify its business portfolio into autonomous driving and other new technologies by acquiring a controlling stake in Preciseley Microtechnology Corporation, a Canadian company that develops optic micro-electromechanical system solutions. 

Micro-electromechanical systems (MEMS) is a process technology used to create tiny integrated devices or systems that combine mechanical and electrical components. Preciseley develops MEMS solutions for optical communications systems, automotive and 3D sensing applications. 

Hankook & Company said it has signed a stock purchase agreement to acquire Preciseley's management rights. The holding company and its subsidiary Hankook Tire together would purchase a 61 percent stake worth 204.5 billion won ($172.7 million) from Ace Equity Partners, a South Korean private equity fund, and its founder. After the retirement of preferred stocks, the final stake will be 57.1 percent.

"By acquiring shares in a MEMS company for optical communication network parts, we will diversify our business and lay the foundation for entering new businesses," Hankook & Company said in a regulatory filing on November 30.

Hankook Tire hopes to develop new technologies with Preciseley in Lidar MEMS components for self-driving cars. A light detection and ranging (Lidar) sensor measures distance by illuminating the target with laser light. The Lidar system based on Preciseley's MEMS-based micro-mirror solution can ensure driving sight by varying the slope of an ultra-small mirror with a micro-voltage difference.
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