Daesung Industrial Gases (headed by Kim Hyung-tae, representative director) announced that Daesung Group Holding of its parent company will buy up the 40% share owned by the Air Liquide group on July 30. It follows that the joint venture which has lasted for 35 years will be put to an end.

In 1979 Daesung Industrial Gases originated as Daesung Oxyton which was established with the investment of 60% by Daesung Industrial (now Daesung Group Holding) and 40% by Teikoku Sanso (now Air Liquide Japan).

At the moment the company is owned 50.25% by Daesung Holding, 9.75% by the employee shareholding system, 20% by Air Liquide and 20% by Air Liquide Japan. The ownership will turn out to be nearly 100% by Daesung Holding ultimately. For information, Daesung Industrial Gases is the leading Korean industrial gas manufacturers who sold nearly 438.6 billion won in 2013.

They say that the purchase of capital at this time is attributed to Daesung Holding’s request to Daesung Industrial Gases for investment in connection with the Group’s project to construct a shopping mall.

In the future Daesung Industrial Gases will become the only one purely domestic industrial gas manufacture in Korea, while Air Liquide will undertake a review to develop business centered by Air Liquide Korea.