03 Jul Brady Corp. acquires Korean counterpart
Milwaukee, Wis. – Brady Corp., a manufacturer and marketer of identification solutions and precision die-cut components, has extended its international reach by completing the acquisition of Daewon Industry Corp., an agreement first announced in April 2006.
Daewon, based in Seoul, South Korea, had fiscal 2005 sales of approximately $40 million, and employs 250 people in South Korea and China. The company provides precision-cut adhesives, films, protective tapes, shielding, acoustic components, and insulators to Korean mobile handset manufacturers such as Samsung.
Terms of the transaction, which is subject to regulatory approvals, were not disclosed.
Last week, Brady raised $137 million in a public offering, in part to help finance future acquisitions.
Allan Klotsche, vice president of Asia/Pacific for Brady, said Daewon was an attractive acquisition target because in the past five years Korean mobile handset manufacturers have rapidly increased their combined market share to 25 percent of the world’s mobile phone production.
“Daewon Industries will play an integral role in Brady’s overall die-cut business strategy by providing an immediate access point to these strategic customers while also opening up other opportunities in South Korea,” Klotsche said in a statement.
Brady Corp. now employs about 6,500 people in operations in the United States, Europe, Asia/Pacific, Latin America, and Canada, and posted fiscal sales in 2005 of approximately $816 million.
The company has more than 300,000 customers in electronics, telecommunications, manufacturing, and construction, among other industries.
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