Daewoo Electronics, bought by an Iranian group for 520 million dollars

Iranian group Entekhab Industrial Group has signed an agreement to acquire South Korean electronics manufacturer Daewoo, for 518 million dollars, said representatives of both parties.

Iranian takeover by private equity company comes two months after the Seoul government has imposed unilateral sanctions on the Islamic state, because of its nuclear program.

Entekhab competed with the Swedish group Electrolux to acquire Daewoo Electronics, a company that had performed poorly in recent years.

Daewoo Electronics was established in 1999, when South Korean conglomerate Daewoo division, and includes the production of home appliances like refrigerators, washing machines, microwave ovens and televisions.

Since its establishment, the company was under the control of a consortium of creditor banks, which controlled 97.5% of the capital.

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Posted by E.Hillwig on Nov 14 2010. Filed under Business, Featured News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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