South Korean-based appliance manufacturer, Winix Inc., has announced a merger with its long-time global sales and marketing partner, Winimax Inc., and its international subsidiaries.
Winix, founded in 1973 by Hee Jong Yoon, is a manufacturer of home environment appliances, water filtration products and components for global brands in the appliance and water quality industries. The company also offers products under the Winix brand name including air cleaners, dehumidifiers, humidifiers and water quality products. Winix, which is publicly traded on the KOSDAQ, owns and operates factories in South Korea, China and Thailand and employs approximately 3,000 people worldwide. In 2013, the company reported sales of approximately $182 million.
Winimax, which is privately held, was founded by Chul Min Yoon in 2001 as a sales and marketing company and a distributor of technology products. The company has been the exclusive global distributor and agent for Winix branded products since 2004. Winimax owns two international subsidiaries: Winix America and Winix Europe, and is projected to reach sales of more than $455 million in 2014.
Chul Min Yoon, who will take over as CEO as part of the merger, stated, “I am confident that by merging the 40-years of manufacturing know-how of Winix, and the sales and marketing strengths of Winimax, we will continue to grow our company, strengthen our competitiveness and improve our performance. We are excited about the future for our customers, our employees and our shareholders around the world.”