Hyosung acquires 100% of GST’s shares

Hyosung acquired 100% of Global Safety Textiles’ (GST) shares through the German subsidiary on August 18. GST, headquartered in Germany, is No.1 airbag textiles company in the world; the company produces airbag textiles, cushions, and value-added OPW (“one-piece woven”) products. GST’s current global market share is at 13%, with higher percentages in the European fabric (33%) and OPW (36%) markets, as well as the North American OPW (39%) market. Through this acquisition, Hyosung has so far expanded its business to currently unexplored markets in Eastern Europe and Africa, adding 11 subsidiaries in 8 countries: Germany, Poland, Czech Republic, Romania, China, South Africa, USA, and Mexico. In addition, Hyosung now added yarns for airbags, textiles, and cushions business, becoming the first company in the industry to successfully add vertical affiliates; Hyosung also entered the European and US markets successfully, which were rather adamant to Asian companies. This acquisition is expected to combine the strong business basis of Hyosung with GST’s sales and technology capabilities to establish a solid stronghold in the glo bal market.