Huvis to Take Over Saehan?

News Release

Washington, October 24, 2001 — Asian Textile Weekly reports that Huvis is moving to acquire the synthetic fiber division of Saehan Industries Inc. Saehan makes polyester and spandex fiber, and is under bank control.

The journal reports Huvis President Cho Min Ho as stating “Our takeover of Saehan would bring excessive competition to an end, and we will be able to intensify out overseas operations”, noting as well the difficulty faced in Korea in bringing synthetic fiber supply and demand into balance.

In a separate development, Asian Textile Weekly reports that polyester producer Daehan Synthetic Fiber Co., Ltd. is cutting its staple and filament yarn production capacity by nearly half.

Source: Asian Textile Weekly