Cash-strapped Woongjing Group has picked the Korean unit of Japanese maker of advanced materials Toray as the preferred bidder for its chemical unit, industry sources said Friday. According to the sources, Toray Advanced Materials Korea Inc. offered to buy a 56.2 percent stake in Woongjin Chemical Co. for around 430 billion won (US$400 million), higher than some 400 billion won offered by GS Energy Co. LG Chem Co. and three others have also been in the race to acquire Woongjin Chemical, which specializes in water treatment. Woongjin Chemical recorded 1.11 trillion won in sales and 28.5 billion won in operating profits last year. The parent company, Woongjin Group, has been seeking to sell its assets to tide over financial difficulties. MBK Partners Ltd., a local private equity fund, last year took over Woongjin Coway Co., South Korea\'s top water purifier maker.