U.S. adhesive firm bought by LG ChemLG Chem, Korea’s biggest chemical company by sales, said Wednesday that it acquired Uniseal, an American maker of specialty adhesives and sealants, to diversify its business portfolio.
LG Chem purchased a 100 percent stake in Uniseal from its parent company, Koch Enterprises, in a deal worth about 150 billion won ($133 million), according to a person familiar with the deal who spoke under the condition of anonymity.
The acquisition strengthens LG Chem’s business portfolio in materials used in the auto industry.
Currently, LG Chem is a key supplier of batteries to U.S. auto giant General Motors, European companies Volvo and Renault and Korea’s Hyundai Motor Group.
LG Chem Vice Chairman and CEO Park Jin-soo said his company will nurture vehicle adhesives into a global business, noting that the materials are a promising business as carmakers push to reduce the weight of their vehicles.
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