Optrontec to become the new parent company in January
Haesung Optics said on Friday that it has completed its reorganization of appointing a new management team and removing loss-making businesses.
The company will focus on its optical image stabilization (OIS) actuator business to return to profitability in the fourth quarter, a Haesung Optics spokesperson said.
It will also be expanding into what it calls mobility monitoring service, in which it offers solutions to monitor the movement of electric ships.
The company had previously focused on camera modules for smartphones. It grew on the back of the growth of smartphones from 2012 to 2016.
But earnings from the business have dipped since 2017 due to the smartphone market maturing and the company winning less orders.
Last year, the company recorded 212.2 billion won in revenue and 40.4 billion won in operating loss.
It recently exited its camera and lens module businesses due to this. KOSDAQ-listed Optrontec is buying a majority equity stake for 27 billion won in Haesung that will be completed in January.
Optrontec CEO has already been named as an inside director at Haesung.
Last month, Haesung Optics has said it plans to offer monitoring systems for electric ships and batteries on them.