SKC acquires the world’s top producer of copper foilSKC, a chemical unit of SK Group, said Monday that it will acquire KCF Technologies (KCFT), the world’s top producer of copper foil for lithium-ion batteries, this week in a bid to diversify its business portfolio.
SKCFT Holdings, a subsidiary of SKC, is set to buy a 100 percent stake in KCFT from Kohlberg Kravis Roberts & Co., a U.S-based private equity fund, for 1.19 trillion won ($1 billion) on Tuesday.
“The acquisition is meant to expand mobility business,” SKC said in a regulatory filing.
KCFT was the top player in the global copper foil market in 2018, with a 15 percent market share. The global copper foil market came to $1.2 billion in 2017, up 41 percent from $850 million in 2016, according to KCF Technologies.