On October 12, SKC’s board of directors decided to sell 100% of the shares of SK Pucore, its polyurethane raw material business subsidiary, to Glenwood Private, a private equity fund operating company.
Equity (Glenwood PE). The sale amount is 410.3 billion won (approximately 2.2 billion yuan). The sale also includes Woori, which SKC acquired in 2019
Finechem’s optical polyurethane materials business. SKC plans to complete the transaction within the year through relevant procedures.
SKC is a subsidiary of SK Group, South Korea’s third largest multinational enterprise. SKC was founded in 1976 and involves petrochemicals, semiconductors, displays, and beauty and health care materials. It is a cutting-edge materials professional company that actively expands its fields and continues to create value.
SK Pucore is a company with more than 30 years of experience in producing polyols, the raw material for polyurethane, since 1991. Together with SK PIC Global, he has been responsible for the two major axes of SKC’s chemical business. SK
Pucore, formerly known as MCNS, was jointly established by SKC and Japan’s Mitsui Chemicals in 2015 to produce polyurethane raw material polyols. The partnership with Mitsui Chemicals ended in 2021, and the company subsequently changed its name. SK
pucore dominates the Korean polyol market. Last year, it accounted for 40% of the total market.
SK pucore has more than 450 customers, more than 130 distribution partners and production facilities in five countries. Last year, SK pucore had sales of 720.6 billion won and profit of 32.4 billion won. SK
Pucore has recently secured its future growth engine by developing environmentally friendly polyol products. Customer returns discarded polyol to SK
pucore, which the company uses to produce recycled polyols and supply them to customers. The company is also accelerating the production of biopolyols based on vegetable oils.
According to Huizheng Information, SKC has accelerated its actions to adjust its product structure and business model in recent years. In the fourth quarter of 2022, SKC will merge its film business unit and film processing subsidiary SKC
Hi-tech & marketing, as well as factories in the United States and China, were sold to South Korea’s largest investment-specific private equity fund operating company – Hahn &
Company, the contract value is 1.6 trillion won (approximately US$9.5 billion).
SKC announced an investment of 1.8 trillion won to strengthen its semiconductor and secondary battery materials business capabilities. SKC is also acquiring Semiconductor ISC for about 400 billion won. The purpose of this sale of the polyurethane business is to realize the transformation of the business structure to a business structure centered on secondary batteries, semiconductors, and environmentally friendly materials.
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