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SKC is a South Korean firm that has led the country's material industry for more than four decades in the film and chemical markets. It is now transforming itself to become a high-value-added materials provider that will focus on eco-friendly materials, semiconductors, and rechargeable batteries.
For this change, SKC decided to sell its film business and focus more on the said industries. According to The Korea Herald, the company is selling the business for KRW1.6 trillion or around $1.2 billion. SKC's potential buyer is the private equity firm Hahn & Co.
SKC and Hahn & Co. have already signed a deal for the sale of the former's polyester film business, and this was stated in the regulatory filing that was filed on Wednesday, June 8. The agreement includes the business operations in the United States, China, and South Korea
SKC's film processing unit called the SKC Hi-Tech & Marketing, is expected to reach an agreement and completion of the deal before the end of this year. The company is aiming to use the earnings from the sale for its transition into a sustainability-focused advanced materials firm which it has been pursuing since 2016.
SKC is the first company in Korea to have a commercialized polyester film. This material is being used for a range of products, including magnetic strips for videotapes, LCD display panels for mobile phones, and other electronic goods.
SKC also produces and delivers copper foil to battery makers and fine ceramics to chip makers. The company also makes propylene oxide which is the base material of propylene glycol that is used in food, cosmetic goods, and medicine.
Pulse News further reported that SKC's sale of its film business will strengthen its parent company, SK Group's, commitment to shifting toward eco-friendly business as one of the global ESG materials solution providers.
In any case, SKC Ltd's shares have gone up on Wednesday after the news it is selling its profitable polyester (PET) film business spread in the industry. Apparently, many are looking forward to the company's shift in business.
