* Hyundai Green: WiniaMando future growth appeared limited
* MOU for acquisition was signed in August
* WiniaMando controlled by CVC Capital Partners
(Adds comments from Hyundai spokesman, share price)
SEOUL, Sept 5 South Korea's Hyundai Green Food
Co Ltd said it has decided not to follow through
with a planned $147 million acquisition of WiniaMando Inc as it
future growth for the kimchi refrigerator maker appeared
Hyundai Green shares were trading down 7.9 percent in
morning trade after the announcement.
Hyundai Green signed a memorandum of understanding to
purchase WiniaMando from private equity firm CVC Capital
Partners in August.
WiniaMando's main brand is Dimchae, a line of refrigerators
designed to store kimchi - a spicy and pungent side dish of
fermented cabbage and other vegetables. The company pioneered
the concept of kimchi fridges and holds a market share of over
30 percent in South Korea, according to CVC's website.
"WiniaMando's main products are refrigerators and kimchi
refrigerators, markets for which competition is very fierce," a
Hyundai Green spokesman told Reuters. "We determined that future
growth would be limited."
CVC, which first acquired a stake in the company under a UBS
Capital-led consortium in 1999, could not be immediately reached
(1 US dollar = 1,018.7000 Korean won)
(Reporting by Se Young Lee; Editing by Paul Tait and Edwina