[THE INVESTOR] Hyosung Group, led by next-in-line Cho Hyun-joon, sold off its automatic teller machine manufacturing plant in Beijing.

Hyosung recently sold its entire stake in Beijing Hyosung Computer Technologies -- operator of the manufacturing plant -- to a foreign company for a reported 25 billion won (US$22.4 million), according to investment bank sources on Aug. 22.

Hyosung has been operating the Beijing plant in a joint effort with its affiliate, Nautilus Hyosung, since 1999. 

But in April 2015, Hyosung kick-started its new ATM manufacturing plant in China’s Guangdong Province under the leadership of Cho Hyun-joon, president of Hyosung and son of the incumbent Hyosung Chairman Cho Seok-rae.

The efficiency of the new plant widely surpassed that of the previous plant, prompting Hyosung to buy back shares from Nautilus Hyosung to sell the entire stake.

Hyosung is the No. 1 supplier of ATMs in Korea and fourth in the world. It exports ATMs to up to 30 countries around the world, including China, the US Russia, India and Indonesia.

In 2015, Nautilus Hyosung’s sales reached 647.4 billion won, while net profit stood at 16.5 billion won.

Hyosung also has a textiles division, and is currently the world’s top supplier of Spandex materials.

By Kim Ji-hyun (jemmie@heraldcorp.com">jemmie@heraldcorp.com)