SKC to Sell Film Business to Hahn & Company
Click:0    DateTime:Jun.09,2022

SKC said in a regulatory filing on June 8 that it has agreed to sell its film business assets including film processing subsidiary SKC Hi-tech & Marketing and U.S. and Chinese sites to Korea-based private equity firm Hahn & Company for KRW1.6 trillion (around US$1.27 billion) as SKC seeks to bolster its drive for materials for battery, semiconductor and other eco-friendly sectors. SKC said the deal will be closed during the fourth quarter of this year.

SKC’s PET film division responsible for production of materials in videotapes, LCD displays, and mobile devices has been the company’s cash cow, earning KRW1.13 trillion in revenue and an operating profit of KRW68.9 billion last year. The sale strengthens SK Group’s commitment to a group-wide shift toward eco-friendly business as a global ESG materials solution provider. A company official said the film business continues to grow in sales and operating profit based on global competitiveness, but it is different from the strategic direction that SKC is pursuing.