SKC sells polyurethane subsidiary to equity firm in $304M deal
Published: 13 Oct. 2023, 13:08
Updated: 13 Oct. 2023, 13:44
- SHIN HA-NEE
- [email protected]
The chemical material supplier’s board of directors approved the decision to sell 100 percent shares of SK pucore, a polyurethane manufacturer, to Glenwood Private Equity, a Seoul-based private equity firm, on Thursday.
The sell-off deal will also include SKC’s optical polyurethane unit.
SKC cited “investment expansion on growth businesses in ESG sector” for the sale in a regulatory filing.
ESG is a shorthand for prioritizing environmental, social and governance factors, an investment principle and strategy adopted by major corporations around the globe.
Polyurethane is a petrochemical-based material used to produce non-biodegradable plastic products. SK pucore produces polyol, which is a feedstock for polyurethanes.
SKC is prioritizing environment-friendlier businesses, such as EV battery materials and biodegradable plastics. The company has recently made an equity investment in a U.S. chip packaging company Chipletz as well.
“We will drive performance by building a strong foundation for global expansion and future growth, with a focus on EV batteries, semiconductors and environment-friendly businesses,” an SKC spokesperson said.
The stock purchase agreement for SK pucore is set to be closed within October, and the sell-off will be completed by the end of this year.
BY SHIN HA-NEE [[email protected]]
with the Korea JoongAng Daily
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