Hugel said Friday that the company has completed its merger with two subsidiaries -- Hugel Pharma and Hugel Meditec.
The decision was made after Bain Capital, a global alternative investment firm, acquired the company in July of last year. Since the acquisition, the company has undergone post-merger integration (PMI) to transform Hugel into a global biopharmaceutical company.
“The merger is to enhance competitiveness by efficiently utilizing human and material resources while increasing management efficiency,” a company official said. “The merger will be executed through a simplified process without the issuance of new shares.” There will be no direct impact on Hugel’s management, financials, or operations, he added.
Hugel posted cumulative sales of 132 billion won ($122 million) in the third quarter of last year, a 52.8 percent increase from 2016. The company’s overseas exports accounted for 62.6 percent of its total sales. During the same period, the company recorded operating profit of 76.9 billion, up 78.5 percent from a year ago.
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