Blackstone said its affiliated private equity funds have entered into an agreement to invest in Futronic, a Busan-based South Korean supplier of high-precision actuators for the automotive and industrial robotics sectors.

A person with knowledge of the matter said the deal values Futronic at about 1 trillion won (US$675 million).

Founded in 1993, Futronic designs and manufactures electronic and electromechanical systems, focusing on automotive applications.

Blackstone said Futronic founder Jin-ho Ko will remain chairman and CEO after the investment and work with the firm on Futronic’s global expansion into new markets.

🔗 Source: Reuters