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SK Holdings will invest an additional 100 billion won in Chinese copper foil manufacturer Wason to pursue the EV parts business as an avenue for growth.
The amount is in addition to the 270 billion won invested in April 2019.
According to SK Holdings, Wason’s rapid rise reflects its investment foresight and expects to gain extra corporate value through its preemptive investment.
Wason is globally the top copper foil manufacturing firm with an annual manufacturing capacity of 40,000 tons as of July 2020 and is eyeing to grow that figure to 140,000 tons by 2025. It is expanding its manufacturing capabilities by establishing new factories and through mergers and acquisitions.
There are plans for Wason, which recorded an operating profit of 78.1 billion won, to make an initial public offering, yielding added value to SK Holdings’ preemptive investment.
Battery manufacturers worldwide require 140,000 tons of copper foil, which is expected to grow to 750,000 tons by 2025.
