CJ Group shows interest in bid for Tongyang Magic

By Park Sae-jin Posted : August 1, 2016, 11:29 Updated : August 1, 2016, 11:29

[AJu News DB]

South Korea's CJ Group said Monday it was considering taking over
Tongyang Magic specializing in manufacturing and renting out kitchen appliances.

Tongyang has posted solid growth especially in its rental service. Its net profit last year soared to 17.6 billion won (15.8 million US dollars) from one billion won in the previous year. Sales rose 10 percent on-year to 390.3 billion won.

"CJ Group is considering the acquisition of Tongyang Magic but there's no concrete plan yet," the group said in a regulatory filing.

CJ is South Korea's largest food and beverage conglomerate which has aggressively expanded its business portfolio through mergers and acquisitions. More recently, it has jumped into the race to acquire the local of US fast food chain McDonald's.

Aju News Lim Chang-won = cwlim34@ajunews.com
기사 이미지 확대 보기