Johnson Electric International (UK) Limited agreed to acquire remaining 20% stake in Halla Stackpole Corporation for KRW 70.3 billion on August 11, 2022. Completion of the Acquisition under the Share Purchase Agreement is conditional upon, among other things, the Johnson Electric International (UK) Limited obtaining all necessary approvals of relevant regulatory bodies in Korea. The consideration is payable in cash at Completion and will be financed from the Johnson Electric International's internal cash reserves and available credit facilities.

For the period ended December 31, 2021, Halla Stackpole Corporation reported revenues of KRW123.2 billion, Total Assets of KRW 195.8 billion, Total Common equity of KRW 162.5 billion, and Net income of KRW 12.9 billion. The deal is expected to be closed on September 18, 2022. As on September 9, 2022, transaction is expected to close on September 19, 2022.