Blackstone Advisors Korea Chairman Ha Yung-ku / Korea Times file

Global private equity firm Blackstone signed an agreement to acquire a controlling stake in JJ Tools, a Korean industrial cutting tool manufacturing company.

Blackstone announced on Wednesday that Park Jong-ik, the founder and CEO of JJ Tools, will remain as a shareholder and continue to support the firm's global expansion through collaboration with the private equity firm.

With this investment, Blackstone plans to maintain its partnership with outstanding entrepreneurs and strong family businesses in Korea.

Founded in 1997 and headquartered in Seoul, JJ Tools specializes in industrial cutting tools, manufacturing high-precision cutting tools such as carbide end mills, thread mills and drills. These cutting tools are used across various industries, including semiconductors, engineering, automotive, aerospace and health care.

Eugene Cook, Blackstone's senior managing director and head of Korea private equity division, said, "Blackstone continues to make efforts to discover outstanding companies in Korea and collaborate with capable entrepreneurs, consistently supporting their long-term growth. Through cooperation with CEO Park and other company members, we aim to drive the company's continued development."