TO REGAIN GROUNDThe two companies aim to strengthen their competitiveness in the industrial film sector and expand their shares in the global market through the JV.“We expect the PET film business to take a new leap through the strategic partnership with Hahn & Co.,” said a Kolon official.“The JV will improve its global competitiveness based on the two companies’ technology and industry experience.”Kolon has been downsizing its industrial film business amid weak demand and growing competition against Chinese rivals.
Kolon agreed to take an 18% stake in the JV with the investment, while SK Microworks, the world’s No.4 industrial film producer, will hold the rest, according to Kolon’s filing to a regulatory filing.Hahn & Co.acquired the industrial film business of SKC Ltd., a chemical material unit of South Korea’s No.2 conglomerate SK Group, for 1.6 trillion won in 2022 and changed its name to SK Microworks.
South Korea’s major chemical materials producer Kolon Industries Inc.is set to invest 129.6 billion won ($94.2 million) in setting up an industrial film joint venture (JV) with SK Microworks Co.to regain ground in the sector dominated by Chinese rivals.
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