SOUTH KOREA: Taekwang Spins Off Textile Unit
Troubled Taekwang Industry said on Wednesday it has spun off its textile unit into Taekwang Wool, Taekwang Textile and six other firms after it posted an annual loss of more than $134.8 million.
The firm said the restructuring will make the units more competitive and is part of its long-term plan to have the spin-offs operating independently from the parent firm in order to rationalise operations.
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