Tongyang Group has agreed to sell its textile business to KB Synthetics . The business group said Monday Tongyang Inc . has signed a binding deal to sell its textile unit to KB Synthetics . The two are due to sign a full contract after due diligence by next month . Financial details were not disclosed but sources said it would be valued at about 80 billion won ( $ 73 . 2 million ) . The sell - off affects two domestic plants and one foreign plant . With the deal , Tongyang will abandon its textile business six years after it entered the market by acquiring then Hanil Trading in 2007 . Tongyang ’ s textile business posted a loss of 800 million won over 127 billion won sales in the first three quarters of last year . Tongyang Group announced late last year it will sell its non - core business as a self - rescue measure to get out of a cash - strapped situation . Textile business represents about 16 percent of Tongyang ’ s five business divisions . 　 [ Written by Won - seop Yoon / edited by Soyoung Chung ] [ ⓒ Maeil Business Newspaper & mk . co . kr , All rights reserved ]