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View of Lock & Lock outlet directly. (Photo = Lock & Lock) |
[Alpha Biz= Reporter Paul Lee] Lock & 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 & 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 & Lock Suzhou Corporation, the last remaining production entity of Lock & Lock in China. It was the only Chinese subsidiary of Lock & Lock to record a profit last year, with sales of 19.6 billion won and a net profit of 800 million won.
Additionally, Lock & Lock plans to liquidate its Beijing subsidiary by the end of this year. Lock & Lock Shenzhen Corporation and Lock & 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.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
