SKC said in a statement that through a board meeting held on October 12, the chemical company's board of executives decided to sell a 100 percent stake in SK pucore, the polymer material-making wing of SKC, for 410.3 billion won ($303.9 million) to a private equity firm called Glenwood Private Equity.
SK pucore has maintained its position as the manufacturing base of polyol, the main source material for polyurethane (PU) products. SK pucore also developed "Re-Polyol," the eco-friendly version of polyol made with recycled products for the first time as a South Korean company. It has rapidly expanded its overseas production bases in overseas countries such as the United States, China, Poland, and Mexico.
According to the company, SKC made the decision to sell its PU production base to complete the company's innovation that was designed to transform the chemical product maker into an eco-friendly material-based "global material ESG solution" company focused on secondary batteries, semiconductors, and eco-friendly materials.
After selling SK pucore, SKC will use the money to further stabilize the company's financial condition and increase its investment in secondary batteries and eco-friendly materials businesses to meet growing global demands. To beef up its capabilities, the company finished building a copper foil factory in Malaysia this year.
"Through a business structure centered on secondary batteries, semiconductors, and eco-friendly materials, we will establish a solid foundation for global expansion and future growth, aiming to expand our achievements." SKC said, adding: "We will quickly complete the business model innovation to leap into a leading global ESG material solutions company representing South Korea."
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