Hankook Tire Co. Ltd. says it will acquire a 75% equity stake of high-tech digital prototype company Model Solution Ltd. for 68.6 billion won ($63.4 million).
The company says the acquisition is in line with its plans "to strengthen investment in promising technologies and secure new growth engine through M&A of high-tech corporations."
"(Model Solution) possesses the best technical and design skills in the industry to provide top-notch design and prototyping support. Moreover, it is leading the prototype industry by constantly developing high-tech skills such as 3D printing."
There is a lot of synergy between Model Solution and Hankook's M&K Technology affiliate, a "super-size" mold equipment company, adds Hankook.
The 75% share consists of a 51% stake from Laird plc, a United Kingdom-based electronics company, and a 24% stake from Crescendo Equity Partners Ltd., a global private equity firm.
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