SEOUL, KOREA- Cheil Industries, Inc., a Samsung Group company specializing in textiles, will hand over its fashion business to an affiliate Samsung Everland Resort and focus on the electronic and chemical materials business. The company said on September 23 that it held a board of directors meeting on the same day and decided to transfer all its textile assets to Everland. The total selling price is estimated at 1.5 trillion won. The company will hold a shareholders meeting on November 1 and complete the transfer on December 1.
With this asset handover, all the fashion brands owned by Cheil Industries including Galaxy, Rogatis (men's wear), Kuho, Le Beige (women's wear), and Bean Pole (casual) will go to Everland. Although there is a possibility that the company name and brand names may change, a Cheil Industries official said, nothing has been decided as of yet.
Established in 1954 as Cheil Woolen Fabrics Industries, it has branched out into new businesses such as fashion (1980), chemical (1990s), and electronic chemical materials (2000s). Since 2010, Cheil Industries has moved in to a new polycarbonate-making business. In addition, it also produces flame-retardant ABS, sheet ABS, flame-retardant high-impact PS, heat-resisting ABS for vehicles, and artificial marble. As of the end of 2012, materials account for over 70 percent of the company's total sales revenue.
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