SKC Kolon PI is unloaded by its two major investors

Kolon Industry and SKC completed the sale of SKC Kolon PI, a joint venture that manufactures polyimide film, the companies announced Monday.

The deal provided both of them with more than 300 billion won ($250 million) in cash. They each had 27.04 percent stake in the joint venture, which was established in 2008.

The shares were sold to Korea PI Holdings, which is now the venture’s major stakeholder.

The venture was listed on the Kosdaq market in 2014 and is the world’s largest producer of polyimide films, which are widely used for phones and chips.

At Kolon, the secured funds are to be used for investments in future growth engines, including aramid fibers and colorless polyimide films for which demand is expected to soar on foldable phone sales.

SKC, the chemical unit under SK Group, has recently been investing on electric vehicle battery components.

In January, it acquired KCFT, a leading producer of copper foil.

BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]