Mastern to support local medical device maker expand US presence

Mastern America, the US subsidiary of local asset manager Mastern Investment Management, has joined hands with Hironic, a Korean medical device company, to expand its presence in the US market.

Mastern America announced Friday that it has forged a four-party memorandum of understanding with Hironic, the city of Taylor, Texas, and the Taylor Economic Development Corp.

A signing ceremony was held in Seoul on Wednesday, with Mastern America CEO Joseph Oh, Hironic CEO Lee Sang-won, Taylor Mayor Brandt Rydell and Taylor Economic Development Corporation CEO Ben White in attendance.

Through the agreement, the asset manager is set to provide a comprehensive suite of real estate services, encompassing property acquisition, financing, development, construction management, building operation and sales, enabling Hironic to expand its footprint in the North American market.

The city of Taylor, located just to northeast of Austin, Texas, and Taylor EDC, which has been working to develop the region into a high-tech hub, will offer tax incentives in real estate development.

There has been a rising need for domestic companies to expand their commercial real estate footprint in the US, driven by legislation like the Chips Act and the Inflation Reduction Act, the asset manager explained.

Hironic, a medical device manufacturing company specializing in skin and beauty that listed on Korea's secondary tech-laden bourse Kosdaq in 2014, is planning to establish production and sales facilities in the North American region for overseas business expansion.

“We express gratitude to Hironic for entrusting the company with the significant task of global market expansion. We also thank city of Taylor and Taylor EDC for actively supporting commercial real estate development,” said Mastern America CEO Oh. “Mastern America, leveraging its accumulated expertise in real estate finance, will evolve into the frontier for Korean companies venturing into and developing real estate projects in the US.”