Lock Lock, closing down its business in China > 경제기사 | economics

View of Lock amp; Lock outlet directly. Photo = Lock amp; Lock

[Alpha Biz= Reporter Paul Lee] Lock amp; Lock, a domestic manufacturer of airtight containers, is reducing its workforce at domestic facilities while also proceeding with the liquidation and sale of its Chinese subsidiaries.

Lock amp; Lock is in discussions with potential buyers to sell stakes in its Chinese subsidiaries. However, specific transaction terms have not been finalized yet. Among the entities up for sale is Lock amp; Lock Suzhou Corporation, the last remaining production entity of Lock amp; Lock in China. It was the only Chinese subsidiary of Lock amp; Lock to record a profit last year, with sales of 19.6 billion won and a net profit of 800 million won.


Additionally, Lock amp; Lock plans to liquidate its Beijing subsidiary by the end of this year. Lock amp; Lock Shenzhen Corporation and Lock amp; Lock Beijing Corporation are entities responsible for operations in China, both reporting net losses of 3.5 billion won and 3.3 billion won respectively last year.

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/ 알파경제 Paul Lee Reporter