South Korea’s KD Navien said Wednesday it will acquire Commax, a wall pad manufacturer, as part of efforts to strengthen its smart home business.
KD Navien plans to integrate its boilers, water heaters, dehumidification and ventilation air cleaners, and Navien Magic kitchen appliances with Commax’s smart home system to build an integrated platform for controlling home appliances.
KD Navien will invest about 32.8 billion won ($22.3 million) to secure roughly 80 percent of Commax’s shares. The acquisition process is scheduled to be completed by the end of February next year. Commax’s brand, sales and production operations, and customer service will be maintained after the deal.
Founded in 1968, Commax specializes in smart home products such as wall pads, closed-circuit television systems and door locks, as well as wired and wireless networks that connect them. The company exports its products to more than 100 countries worldwide.
KD Navien has also been selling home Internet of Things (IoT) products — including wall pads, video phones, door locks and fire doors — along with its own smart home system. The company said it aims to offer solutions that create more comfortable living environments by enhancing interoperability among products such as boilers and kitchen hoods.
By Seo Jung-won and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
