Advanced Process Systems Corporation (KOSDAQ:A054620) agreed to spin off its heavy equipment business on October 14, 2016. The spin-off transaction will have the spin-off ratio of surviving company 0.4658706 and simple spin-off new company 0.5341294. Advanced Process Systems will establish a new company by spinning-off the heavy equipment business.

Upon completion, Advanced Process Systems will change its name to APS Holdings Corporation. The record date for the transaction is on October 29, 2016. The Board of Directors of Advanced Process Systems resolved the transaction on October 14, 2016.

The general meeting of shareholders of Advanced Process Systems is scheduled for January 26, 2017. As of January 26, 2017, shareholders of Advanced Process Systems approved the deal. The name change from Advanced Process Systems Corporation to APS Holdings Corporation will be applied after March 1, 2017.

As of March 2, 2017 the head office location was changed from 15-5, Dongtansandan 8-gil, Banggyo-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Republic of Korea to 23-12, Dongtansandan 9-gil, Banggyo-ri, Dongtan-myeon, Hwaseong-si, Gyeonggi-do, Republic of Korea. The transaction is scheduled to be registered on March 2, 2017.