Chemtronics said on Thursday that its subsidiary Wits will acquire Samsung Electro-Mechanics’ telecommunication module business for 105.5 billion won.
TheElec was the first to report on the deal on December 8, 2020.
Wits will buy a 100% stake in Samsung’s Thailand subsidiary, which produces wireless modules, for 91.5 billion won. Chemtronics will be lending 8.3 billion won to Wits to support its acquisition of the business.
Chemtronics will cement its position as a company specializing near distance wireless telecommunication solutions.
The company is expecting double digit operating margin rate from its newly acquired business.
In 2019, Chemtronics bought Samsung Electro-Mechanic’s wireless charging module business for 21 billion won.
Samsung Electro-Mechanics CEO Kye Hyun Kyung supported Chemtronics’ acquisition of its wireless telecommunication business, believing it will have synergy with the latter’s existing autonomous driving business.