SEOUL, Oct. 29 (Korea Bizwire) — Woongjin Co. said Monday that its consortium has signed an agreement with a local private equity firm to acquire Coway Co. for 1.68 trillion won (US$1.48 billion) while the Woongjin chairman vowed to make the top water purification maker the business group’s key growth engine. Under the deal, Woongjin [...]
SEOUL, Jan. 3 (Korea Bizwire) – Woongjin Corp. said Wednesday it will re-enter the water purification business, five years after it sold off South Korea’s top water purification maker amid financial difficulties. In 2013, then cash-strapped Woongjin sold a 30.9 percent stake in Woongjin Coway Co. for about 1.2 trillion won (US$1 billion) to MBK [...]
SEOUL, Sept. 19 (Korea Bizwire) – Korean medium-sized household appliance manufacturers, whose operations once relied heavily on China, are now making progress in Southeast Asian countries. Coway, best known for its water purifiers, recently announced its “Vision 2017” plan in Malaysia, which includes its ambitious goal to accrue 600,000 customer accounts by 2017. With its [...]
SEOUL, Aug. 19 (Korea Bizwire) – A group of local consumers was to file a 2.8 billion won (US$2.53 million) class action suit Friday against Coway, South Korea’s leading water purifier maker, over its water purifier models coated with nickel that they claim taints the water and poses a health hazard. Nickel from the inner [...]
SEOUL, July 7 (Korea Bizwire) – Consumers are banding together for civil and criminal suits against Coway, South Korea’s leading maker of water purifiers, after nickel was discovered mixed in the water when using certain company models, industry officials said Thursday. Some consumers are claiming the same defect in products from other companies, raising the [...]
SEOUL, July 5 (Korea Bizwire) – Consumer anxiety is growing in Korea with the recent discovery of nickel in Coway water purifiers. Coway is Korea’s leading manufacturer and rental service operator of water purifiers. Although the company is maintaining its official stance that the amount of detected nickel is minimal and is harmless to the [...]
SEOUL, March 14 (Korea Bizwire) – Internet connection is working deeper into everyday lives as more home gadgets, small and big, become controllable by smartphones under an industry-wide advance of the Internet of Things (IoT), business watchers said Monday. The latest air purifier marketed in October last year by Coway regularly measures indoor air quality [...]
SEOUL, Dec.7 (Korea Bizwire) – Korean household electronics maker Coway has made good on a promise to build 1,000 pump wells in Cambodia over the past 10 years as part of its corporate philanthropic programs. Coway announced that workers had finished installing the 1,000th well on December 4 in Kampot, Cambodia. The company has invested [...]
SEOUL, Sept. 10 (Korea Bizwire) — Dutch electronics giant Philips has expressed interest in taking over a stake in Coway, South Korea’s top water purification maker which has been put on the selling block, industry sources said Thursday. Last month, Seoul-based private equity fund MBK Partners picked Goldman Sachs as a lead manager of the sale [...]
SEOUL, Nov. 18 (Korea Bizwire) — Coway said on November 17 that it will unveil a new air cleaner model (APMS-1014D) with humidifying and self-sterilizing features. The new item is ideal for cleaning the indoor air during the winter season when people rarely open windows for ventilation. The air cleaner won the CA and HH [...]