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South Korea's Hankook Tire acquires controlling stake in prototype company

South Korean auto parts maker Hankook Tire Co. Ltd. has picked up a 51% stake in prototypes maker Model Solution Ltd. for 46.67 billion won.

Hankook bought the stake from British electronic components manufacturer Laird PLC, according to a May 10 filing by Laird to the London Stock Exchange.

Seoul-based Model Solution specializes in precision prototyping, design support, tooling, low volume manufacturing and 3D printing, and it services various industries, such as aerospace, automotive, consumer, medical and industrial.

Laird, which acquired its ownership in Model Solution in 2014 for 35.7 billion won, said the disposal has no impact on the process of its acquisition by Advent International Corp.

As of May 10, US$1 was equivalent to 1,066.18 won.