NEWS
SKC’s biodegradable material investee makes a fresh start as SK leaveo
● Biodegradable material investee Ecovance renamed SK leaveo ··· embodying the core value of its BM ● Full-scale commercialization in high gear with ground broken to build the world’s largest production plant in Hai Phong, Vietnam in the first half of this yearSKC (CEO Woncheol Park)’s biodegradable material investee Ecovance has been renamed SK leaveo, going for full-scale commercialization.SK leaveo held a board meeting on the 5th of April where the board members resolved to change the corporate name. The new name embodies the core value of their biodegradable material business model (BM); that their products will biodegrade naturally, leaving zero waste. SK leaveo also unveiled their new slogan, ‘We leave zero,’ in step with the new corporate name.SK leaveo plans to break ground in Hai Phong, Vietnam in the first half of this year to build the world’s largest PBAT (Polybutylene Adipate Terephthalate) production plant capable of producing 70,000 tons a year. Hai Phong is Vietnam’s principal port city and key industrial hub, equipped with excellent logistics infrastructure. The city can also meet RE100 requirements by supplying all electricity demands with renewable energy, ensuring the eco-friendliness of the production process.To expand the viable applications of PBAT, SKC uses nano-cellulose extracted from trees as a reinforcing agent to drastically increase its strength to a level comparable to conventional plastic. Accordingly, PBAT can be used for not only agricultural and packaging films and containers for various consumable products but also non-woven fabrics in personal hygiene products including diapers, sanitary pads and other filter products.A production facility of SK TBMgeostone, SKC’s biodegradable LIMEX material investee, will be also hosted by Hai Phong. Biodegradable LIMEX is an innovative eco-friendly material made from natural inorganic limestone combined with biodegradable PBAT resin in lieu of conventional plastic. Synergy between Vietnam’s rich limestone reserve and SK leaveo’s PBAT technology is expected to result in superb quality and price competitiveness.“The new name shows the significance and vision of our biodegradable material business more clearly,” said a SK leaveo official. “We will expand our eco-friendly business portfolio, producing high-value material solutions for a wide variety of applications.” [End][People of SK leaveo, SKC’s biodegradable material investee, present the new CI and slogan.] [SK leaveo CI]
2024-04-08
SKC Emphasized “Overcoming the Recession and Strengthening the Profit Structure” in the Annual General Meeting of Shareholders.
● SKC’s Annual General Meeting of Shareholders was held on March 26 at its headquarters in Jongno-gu, Seoul, with live online streaming for the second consecutive year to enhance shareholder accessibility.● New appointments include inside director Jihan Yu and non-executive director Changho Shin, and outside director Siwon Park was reappointed.● CEO Woncheol Park: “To focus on strengthening the profit structure and stabilizing new businesses in the early phase.”SKC (CEO Woncheol Park) held its 51st Annual General Meeting of Shareholders (AGM) on the morning of March 26 on Floor 6 of its headquarters at Jongno-gu, Seoul. Following last year, SKC live-streamed the AGM online once again to improve shareholder accessibility. As the chair of the AGM, SKC CEO Woncheol Park reported business performance results to shareholders, stating, “Last year, we experienced an unprecedented business environment in which front markets for our major businesses, such as EV batteries, semiconductors, and chemicals, subsided simultaneously.” He further explained, “Despite uncertainty in the business environment, we upgraded our business portfolios by achieving flexibility for front-end processes in non-core businesses of chemicals and semiconductors and investing in high value-added semiconductor back-end processing.”SKC has also consistently reinforced its ESG management. In July last year, it received an ‘A’ rating from Morgan Stanley Capital International (MSCI), one grade higher than the previous year. Its rating assessed by the Korea Institute of Corporate Governance and Sustainability (KCGS) was also upgraded to ‘A+’ in October of the same year.“We will strengthen the profit structure of our main businesses, such as copper foil for EV batteries and semiconductor test sockets, and promote early stabilization of new businesses, including semiconductor glass substrates and biodegradable materials,” explained CEO Woncheol Park regarding this year’s business strategies and emphasized, “We will strive for enhanced mid- to long-term sustainability through exhaustive risk management.” After the business report, explanations were provided for questions submitted by shareholders online in advance.At the AGM, Jihan Yu, SKC’s Chief Financial Officer (CFO) and Head of the Business Supporting Division, was newly appointed as an inside director, and Changho Shin, SK Inc.’s Head of the Portfolio Management Division, as a non-executive director. In addition, Siwon Park, a professor at Kangwon National University School of Law, was reappointed as an outside director.With these appointments, SKC aims to enhance the Board’s expertise in finance and investment while further strengthening its supervision functions over the management. The reappointment of director Siwon Park also allowed the ratio of female directors among outside directors to remain at 50%. Other bills to approve the financial statements and directors’ remuneration ceilings were passed.An SKC executive said, “Although the business environment remains uncertain this year, we will overcome it and secure the company’s profitability,” and added, “We promise to make our utmost effort to ensure that the company’s growth leads to increased shareholder value.” [End]
2024-03-26
SK TBM Geostone Supplies Refill Stations Using Biodegradable LIMEX at E-Mart24
● GreenFill Box, using biodegradable LIMEX containers to allow customers to buy detergent refills, has been launched at E-MART24’s R Yongsan TriSquare branch.● Containers are made from a new material that combines a biodegradable polymer (PBAT) and natural limestone to help achieve zero plastic. On March 24, SK TBM Geostone, an investee company of SKC (CEO Woncheol Park) specializing in biodegradable materials, announced that it had launched a service called GreenFill Box in collaboration with E-MART24, a prominent South Korean convenience store company, and a marketing specialist Plan Devenir. GreenFill Box is an eco-friendly refill station in vending machine format.The GreenFill Box, installed at E-MART24’s R Yongsan TriSquare branch in Yongsan-gu, Seoul, is a service that allows customers to easily purchase laundry or dishwashing detergent in a refillable container made of SK TBM Geostone’s biodegradable LIMEX. After buying the container just once, customers can repurchase detergent as many times as needed, enabling eco-friendliness and more reasonable consumption.Biodegradable LIMEX is a new material that combines PBAT(Polybutylene Adipate Terephthalate), a biodegradable material that replaces existing plastic resin, and limestone, a natural ingredient. Under certain conditions, it completely biodegrades and returns to nature. Through this, E-MART 24 GreenFill Box can go one step further to realize ‘Zero Plastic’ compared to conventional refill stations that recycle regular plastic containers that do not decompose in landfills or incineration.Previously, in 2021, SKC established SK TBM Geostone through a joint venture with TBM, a Japanese company that owns LIMEX technology. SKC has been promoting the commercialization of biodegradable LIMEX. SK TBM Geostone entered the eco-friendly paint container market by signing an MOU for developing biodegradable and eco-friendly paint containers with Samwha Paint, a leading domestic paint manufacturer in South Korea, in January of this year.Additionally, SKC is working to commercialize high-strength PBAT, a biodegradable material developed by its investee company Ecovance, using its own technology. Ecovance and SK TBM Geostone are planning to build a PABT manufacturing facility with an annual capacity of 70,000 tons, the world’s largest for a single site, and a LIMEX production facility with a capacity of 36,000 tons per year, respectively, aiming for operation in 2025.An executive from SK TBM Geostone said, “It will be easier to practice eco-friendly consumption by reducing plastic usage as consumers can use biodegradable containers for detergent products, which comprise a high proportion of plastic waste generated from households. [End][SKC’s investee company SK TBM Geostone, in the biodegradable materials business, launched the GreenFill Box, an eco-friendly refill station in vending machine format. An employee is introducing a container for the GreenFill Box, made of SK TBM Geostone’s biodegradable LIMEX, at E-MART24’s R Yongsan TriSquare branch.]
2024-03-25
SK TBMGeostone joins hands with Samhwa Paints-P&B to develop eco-friendly containers
● Signing a tripartite MoU on the 22nd ··· aspiring to release biodegradable LIMEX paint containers in Q1● Replacing dozens of thousand tons of plastic containers a year with eco-friendly alternatives··· eco-friendly biodegradable materials to support a variety of applicationsSK TBM Geostone, SKC (CEO: Woncheol Park)’s biodegradable material-producing investee, joins hands with Samhwa Paints to market eco-friendly paint containers.SK TBM Geostone, Samhwa Paints, and container manufacturer P&B signed a memorandum of understanding on the development of biodegradable eco-friendly paint containers at SKC head office in Jongro-gu, Seoul on the 22nd. The signing ceremony was attended by leading figures of the parties involved in the MoU including CEO Jihyeon Yang of SK TMB Geostone, CEO Kiboong Ryu of Samhwa Paints and CEO Yeonki Hwang of P&B.The purpose of the MoU is to allow the three parties to actively cooperate in ▲designing and distributing eco-friendly paint containers, ▲developing and sourcing eco-friendly ingredients optimized to container design, and ▲developing and manufacturing paint containers.Samhwa Paints plans to adopt paint containers manufactured by P&B out of SK TBM Geostone’s eco-friendly biodegradable LIMEX material in Q1 of this year. SK TBM Geostone has developed LIMEX based on biodegradable PBAT ((Polybutylene Adipate Terephthalate) and natural limestone to deliver durability, workability and sealing performance comparable to conventional containers.The Korean paint market is valued at around 4 trillion won. Conventional plastic containers are lightweight and easy to use, but they do not decompose when buried or incinerated, triggering pollution with plastic particulates. In contrast, biodegradable LIMEX containers not only uses eco-friendly ingredients but also decompose more than 90% back to nature in six months when placed under the right composting conditions.SKC founded SK TBM Geostone in a joint venture with TBM of Japan that has LIMEX technology back in 2021 to commercialize biodegradable LIMEX solutions. SKC is also seeking to commercialize high-strength PBAT, a proprietary material developed by its investee Ecovance. Targeting 2025 as the starting year of operation, SKC is building the world’s biggest PBAT production plant to produce 70,000 tons a year and a LIMEX production facility to deliver 36,000 tons a year in Haiphong City, Vietnam. “The collaboration among Samhwa Paints and P&B known for their remarkable competitiveness in paint and container markets and SK TBM Geostone that possess proprietary biodegradable material solutions will produce strong synergy,” said CEO Yang Ji-hyeon of SK TBM Geostone. “We will further diversify the applications of biodegradable materials to enhance our biodegradable material business lineup.” [End][SK TBM Geostone, Samhwa Paints and P&B sign a MoU on the development of biodegradable eco-friendly paint container at SKC head office in Jongro-gu, Seoul on the 22nd. CEO Jihyeon Yang of SK TBM Geostone, CEO Kiboong Ryu of Samhwa Paints and CEO Yeonki Hwang of P&B (from the left) are showing signed copies of the MoU.] [SK TBM Geostone’s eco-friendly paint containers made of biodegradable LIMEX solution]
2024-01-23
SKC Showcases Eco-friendly Materials Technology at the Theme Park Exhibition Space ‘SK Wonderland.’
● SKC introduces its flagship products of EV batteries, semiconductors, and eco-friendly materials in the exhibition space jointly operated by SK Group’s seven affiliates.● Participating in CES for five consecutive years since 2019, SKC continues introducing its innovative business model direction to the global market.SKC (CEO & President Woncheol Park) will showcase its materials technologies covering EV batteries, semiconductors, and eco-friendly sectors at CES (Consumer Electronics Show) 2024, the world’s largest industrial exhibition, held in Las Vegas, USA from January 9 to 12 next month (local time). At CES 2024, SKC will introduce its flagship products and technologies throughout SK Wonderland, an exhibition space jointly operated by SK Group’s seven affiliates. SK Wonderland is designed in a theme park format, allowing visitors to experience happiness in the ‘Net Zero’ world, where the climate crisis has been resolved.SKC’s products and technologies can be explored when visitors enter the exhibition. The guide map distributed when entering SK Wonderland is not made from regular paper. It is made of SKC’s biodegradable LIMEX, an eco-friendly new material combining the biodegradable plastic material PBAT with limestone-based LIMEX, which is harmless to nature. SKC has been working to commercialize biodegradable LIMEX materials since establishing a joint venture called SK TBMGEOSTONE in 2021, jointly with TBM, a Japanese company that owns LIMEX technology.In the Dancing Car zone, SK Group’s eco-friendly EV technologies are introduced as automobiles hanging from robot arms move like dancers in front of the screen. This is where copper foil, a key material for EV batteries, and silicon anodes that can significantly reduce EV charging time are presented. SKC has initiated the global expansion of its copper foil business with the first shipment from SK Nexilis’ new production facility in Kota Kinabalu, Malaysia, in October this year. It will further commence pilot production of high-quality silicon anodes early next year.In addition, visitors can obtain information on semiconductor glass substrates for high-performance computing in the AI Fortune Teller zone. Glass substrates, which improve the performance of semiconductor packages, are again featured at CES 2024 as a solution to speed up AI servers processing large-scale data.SKC has participated in CES for five consecutive years since 2019 (CES 2021 was not held), introducing new technologies and its direction of business model innovations to the global market. While the company focused on its film business in 2019, the first year of participation, the exhibition content has evolved in line with the direction of business model innovations, such as copper foil, glass substrates, and biodegradable materials.An SKC executive said, “We plan to showcase ESG materials solutions in EV materials, semiconductors, and eco-friendly sectors through SK Wonderland, which will become a landmark of CES 2024,” and added, “SKC will continue to develop technologies to enhance added values and discover new businesses.” [End][CES 2024 SK Wonderland Guide Map made with SKC’s biodegradable LIMEX]
2023-12-27
SKC unveils future technology blueprints for EV batteries, semiconductors, and eco-friendly materials
● SKC Tech Day 2023 was held on November 9 at SKC headquarters in Jongno-gu, Seoul.… Sharing technological roadmaps for core and new businesses● Showcasing super gap technologies, including future EV battery anode current collectors, rubber sockets for semiconductor testing, and biodegradable nonwovens● Highlighting competitive patent assets for each business… 230 copper foil patents, the largest patent network in the industry.SKC (CEO & President Woncheol Park) held SKC Tech Day 2023 on November 9 at its headquarters in Jongno-gu, Seoul, and unveiled technology blueprints for core and new businesses. SKC Tech Day is an event where SKC shares its research and development status and technology roadmaps with the market.SKC introduced various new technologies at SKC Tech Day 2023, including silicon anode materials, semiconductor glass substrates, and eco-friendly biodegradable materials together with copper foil for EV batteries, which has become SKC’s core business. Additionally, SKC’s recently acquired ISC debuted its semiconductor test solution technology at Tech Day.Regarding the EV battery materials business, where SKC has the top global competitiveness in technology, the company shared the achievements in developing copper foil for the 4680 cylindrical battery and R&D directions for anode collectors to be used in future EV batteries, such as all-solid-state batteries. Jung-kyu Ahn, Chief of SK nexilis Materials Technology Development Center, explained, “We are developing customer solutions having properties required by future EV battery anode current collectors, such as high strength, high elongation, high heat resistance, and corrosion inhibition.”The current status of patent assets related to copper foil was also shared at Tech Day. As of March of this year, SK nexilis had the most extensive patent network in the industry, with 230 applications. Cooper foil requires advanced manufacturing technology in that it significantly influences the productivity of EV battery manufacturers, not to mention the performance of EV batteries. SK nexilis produces top-quality copper foil based on technology accumulated through continuous research and development.Next came the introduction of silicon anode materials' technological competitiveness, which is considered a critical future element to feed on in the EV battery materials field along with copper foil. This year, SKC established a subsidiary, Ultimus, and plans to start pilot production in January next year by utilizing technology of UK-based tech company Nexeon, of which SKC became the largest shareholder through equity investment in January last year.In the semiconductor materials/components sector, glass substrates for high-performance computing and ISC’s semiconductor test solution technology were showcased. Absolics Inc., an invested subsidiary of SKC in the copper foil business, will complete the world’s first mass production facility at the end of this year. SKC also shared the company’s preparation for smart factory-based mass production, patent application status, and where the company is headed for next-generation product development, including AI Learning Accelerator with the expanded application of element embedding technology.ISC, which newly became a subsidiary of SKC this year, highlighted its excellent competitiveness in the market for rubber sockets, a key component for semiconductor testing. ISC succeeded in mass-producing rubber sockets for the first time in the world in 2003. It is considered to have secured a technological gap of more than ten years compared to latecomer competitors. Like SK nexilis, ISC has built the largest patent network in the industry, with 578 patents related to test sockets. ISC’s clients include over 300 global companies, including memory/non-memory semiconductor makers, fabless semiconductor companies, and big techs with large-scale servers.SKC also shared information on the eco-friendly biodegradable materials business, the company’s third growth engine, along with EV battery materials and semiconductor materials/components, introducing technological competence and commercialization efforts in progress for high-strength PBAT and biodegradable LIMEX materials. It was particularly underlined that 100% PBAT non-woven fabric, the first of its kind in the world developed by SKC, can potentially expand the market into hygiene products, wet wipes, and more, for which biodegradable materials have not previously been used. An SKC executive stated, “Based on the original technology secured through decades of continuous research and development, we are growing into a company with a technological moat that no other player can easily overcome,” and added, “We will actively also continue to communicate SKC’s technology roadmaps for the future market.” [End]
2023-11-09
SKC cranks up on new growth engines
● Q3 earnings release published on the 31st··· KRW 550.6B in sales & 44.7B in operating loss● Decided to sell off SK Pucore·fine ceramics business and cranked up on its business model (BM) innovation, acquiring ISC and investing in Chipletz● Securing investment funding resources of 900 billion won in the second half in combination with over 1 trillion won in cash to prepare for new growth shored up by financial stability ● Rated A+ by the KCGS··· enhancing ESG business practices in the midst of a business overhaulSKC (CEO: Woncheol Park) announced Q3 sales of 550.6 billion won and operating loss of 44.7 billion won on the 31st. In spite of declining revenue due to the worsening business landscape both at home and abroad, SKC is cranking up on business model innovation and a new growth platform, selling off non-core businesses, acquiring ISC, launching silicon anode on a commercial scale, and building a semiconductor glass substrate plant.Witnessed by management leaders like CEO Lim Eui-jun of SK PIC Global, CEO Lee Jae-hong of SK Nexilis, CEO Choi Du-hwan of SK Pucore who also serves as CFO of SKC, CEO Kim Jong-woo of SK Enpulse, Director Shin Jeong-hwan of the Business Development Division at SKC, and CEO Oh Joon-rok of Absolics, SKC announced its Q3 earnings release as described above at its head office in Jongro-gu. Closing the sale of its film business known to be the mother of all SKC businesses last year, SKC is putting business innovation in higher gear this year. In the second half alone, SKC finalized the sales of SK Pucore producing raw materials for polyurethane, its fine ceramics business and chip washing operations one after another, securing investment funding resources close to 1 trillion won.At the same time, SKC is taking a series of steps in preparation for new growth. SKC’s EV battery material business added new mid to long-term copper foil supply contracts in the fourth quarter and commissioned a highly cost-competitive copper foil plant in Malaysia in a bid to significantly boost profitability. In addition, the completion of a pilot silicon anode line will wrap up preparation for further expansion of its EV battery material business.SKC’s semiconductor business has gone through the most drastic change this year. After selling its fine ceramics, chip washing and wet chemical operations one after another, SKC took onboard ISC, a chip test solution provider, as a new mainstay subsidiary. SKC will also complete a semiconductor glass substrate plant by yearend. SKC also made a strategic investment in Chipletz, a US chip packaging solution provider, this September to enhance global competence of its semiconductor downstream operations. SKC will also win more customers for high-value pre-process products such as CMP pad and blank mask to name a few.SKC has also established Haiphong City, Vietnam as the global production base of its eco-friendly biodegradable materials, accelerating their commercialization drive. Furthermore, SKC has invested in Halio, a smart glass manufacturer, to expand its reach to energy-saving solutions.SKC also continues to foster ESG management practices. SKC was rated A+, the highest level ever given to companies covered in the annual ESG assessment conducted by the Korea Institute of Corporate Governance and Sustainability (KCGS). Rated A for two consecutive years from 2021 to 2022, SKC has been persistent in fostering ESG management, even in the midst of continuous business overhaul focused on EV battery, semiconductor and eco-friendly materials. SKC was also uprated by the MSCI from BBB of last year to A this August.“We are restructuring our businesses rapidly to fund stable growth going forward,” CFO Choi Du-hwan of SKC said. “Drawing upon stable growth, we will diversify our revenue models and pave way for high growth by stockpiling proprietary technology.”l SKC Earnings by Quarter (In: 1 won)
l SKC Preliminary Earnings in Q3 by Business
Unit (In: 1 won)
2023-10-31
SKC assigns fine ceramics business to Hahn & Company
● Signing a business assignment deal with PEF manager Hahn & Company··· at 360BN won● SKC cranking up a business overhaul, focused on semiconductors, proprietary high-value materials and componentsSKC (CEO: CEO: Woncheol Park) assigned the fine ceramics business of its chip material-producing subsidiary SK Enpulse to Hahn & Company, a top-tier private equity fund (PEF) managers in Korea.SK Enpulse announced on the 31st that the company convened a board meeting on the 30th where they resolved to assign its fine ceramics business to Hahn & Company for 360 billion won. After the board meeting, the two companies signed a business assignment agreement to that effect. SK Enpulse is expected to undergo necessary procedural steps including an extraordinary shareholders’ meeting next month and close the deal next January.Fine ceramics refer to materials based on highly pure inorganic compounds and processed to feature better electrical properties and durability than conventional ceramic materials. SK Enpulse supplies in the market parts based on well-known fine ceramics including alumina (Al2O3), silicon (Si), silicon carbide (SiC), and quartz which are required for a variety of semiconductor and display manufacturing processes. In so doing, SK Enpulse has contributed to raising the ratio of homegrown chip materials and components in the market. Hahn & Company that will acquire the fine ceramics business from SK Enpulse is the biggest PEF investment manager in Korea. Since its incorporation in 2010, Hahn & Company has acquired over 30 promising Korean companies and prospected for new growth engines, adopting the first-ever bolt-on strategy in Korea to improve their business fundamentals and ramp up market capitalization. Hahn & Company is expected to shore up global competitiveness of the fine ceramics business by ensuring employees’ job security and making additional investments after the assignment.SKC is accelerating the overhaul of its semiconductor business with focus on new high-value items, selling the basic chipmaking material business of SK Enpulse including wet chemical and washing operations, purchasing equity in the U.S. chip packaging solution provider Chipletz, and acquiring semiconductor test solution company ISC. Furthermore, SKC vows to further enhance its business competitiveness by seeking to commercialize the world’s first semiconductor glass substrate for high-performance computing applications and identify additional M&A opportunities.“SKC will use the sale proceeds of the fine ceramics business as funding resource to push the competitive edge of the chip material and component business to a new height,” said an official at SKC. “We will build solutions on our proprietary technologies and become a game changer in the global chip material and component market.” [End]
2023-10-31
SKC is assigned with Integrated A+ ESG rating by the KCGS
● Up by one notch from the previous year’s A rating and included in the top 1.8% out of 1049 listed companies rated by the KCGS ● Higher trustability recognized for disclosure of detailed environmental performance targets, mutual prosperity with local communities and enhanced expertise embedded in the boardSKC (CEO: Woncheol Park) announced on the 27th that the Company won integrated A+, one notch up from last year, in the 2023 ESG Ratings’ published by the Korea Institute of Corporate Governance and Sustainability) (KCGS). The KCGS annually rates companies listed in Korea on a scale of seven steps from S to A+, A, B+, B, C, and D by evaluating their managerial practices comprehensively in terms of environment, society and governance. The KCGS ESG ratings evaluation covered 1049 listed companies this year and only 19 out of them, including SKC, were honored with A+ this year, accounting for the top 1.8%. S rating has never been assigned to any company so far.The honor of winning such a remarkable rating is the result of SKC’s persistent efforts to forge ahead with innovations in environment, society and governance categories while innovating business models at a breathless pace under its vision of ‘Global ESG Material Solution Provider.’ Winning the most prestigious rating, SKC has entrenched solid ESG leadership in its industry, earning greater trust from investors.In terms of specific rating categories, SKC was rated A+, two notches up from last year, in the environment category and A+ and A in the society and the governance categories respectively, at the same level as the previous year. SKC enhanced its trustability, disclosing its environmental targets and achievements in detail in terms of GHG (greenhouse gas) net zero and plastic net zero domains. Furthermore, the Company is bolstering up eco-friendly management practices, as its subsidiary SK PIC Global obtained the ZWTL (Zero Waste to Landfill) certification last year in addition to SK Nexilis in 2021. SKC is also putting spurs to business initiatives to ensure mutual prosperity with various stakeholders, upgrading safety and environmental protection infrastructure with local communities where its production plants are based and developing/fulfilling human rights management goals to better respect the human rights of its employees.Having announced commitment to corporate governance innovation beyond prevailing global expectations in 2021, SKC has endeavored to foster the independence of and diversity in its board of directors, appointing a board chairman out of independent directors, bringing more female directors on board and adopting the board skills matrix (BSM) to name a few. Moreover, SKC enhanced the professionalism and independence of its board of directors by evaluating the performance of the board in a manner transparently disclosed and deploying rigorous corporate ethics programs, which enabled the Company to obtain the ISO 37001 certification in this March to demonstrate compliance with the international standards for anti-corruption management system.“The KCGS A+ rating is the credit given to SKC for our perseverance in promoting sustainability management,” said Choi Kap-ryong, Head of SKC's ESG Promotion Division. “We will continue to ensure transparency in ESG management initiatives and foster ESG-based business model innovation, empowering corporate growth with trust from stakeholders.” [End]
2023-10-27
SKC sells polyurethane ingredient business for 410.3B won
● Selling 100% stake in SK Pucore to Glenwood Private Equity, an alternative investment firm, on the 12th● Securing resources to fund additional investments ···accelerating a business model innovation drive with focus on EV battery/chips/eco-friendly materialsSKC (CEO & President Woncheol Park) is selling its polyurethane (PU) ingredient business. This decision will allow SKC to further accelerate its business model innovation drive focused on EV battery, chips, and eco-friendly materials.SKC decided in a board of directors (BoD) meeting on the 12th to sell 100% stake in SK PUCore to Glenwood Private Equity (Glenwood PE) for 410.3 billion won. The business up for sale also includes the polyurethane ingredient business for optical applications that SKC acquired from Woori Finechem in 2019. Going through necessary procedures, SKC intends to close the deal by no later than the end of the year.SK PUCore, SKC’s key PU ingredient production subsidiary, has produced polyol, an ingredient for polyurethane, for over 30 years since 1991. SK PUCore has been rapidly expanding its overseas production bases in the United States, China, Poland and Mexico, as one of the two pillars of SKC’s chemical business along with SK PIC Global. The company is also entrenching its presence as a global leader of the PU industry, launching eco-friendly PU ingredient business with the first re-polyol and bio-polyol ever developed in Korea.SKC decided to sell off the PU ingredient business in a bid to complete its vision as a global material ESG solution company focused on EV batteries, semiconductors and eco-friendly materials. The PU ingredient business needed significant additional investments to cope with a rising market demand and cater for the ever diverse customer needs. Considering its business model innovation vision, SKC decided to make the sale to a company better equipped to fund the growth and development of the industry.Glenwood PE acquiring SKC’s PU ingredient business is one of the top-tier private equity fund management companies in Korea, known to be making aggressive investments after acquisitions to develop growth drivers and strengthen corporate competitiveness. Glenwood PE is expected to bolster the global competitiveness of the PU ingredient business, maintaining employment stability and making additional investments after taking over SK PUCore.With the sales proceed, SKC aims to enhance its financial stability and cover investment needs to meet global demand for eco-friendly materials, boost its competitive edge and expand its business presence. SKC is innovating its business model rapidly, dedicating a copper foil plant in Malaysia, investing in biodegradable material production in Vietnam, and acquiring equity in the chip packaging solution provider Chipletz this year.“We will realign our business portfolio with EV batteries, semiconductors and eco-friendly materials in a bid to lay the groundwork for global expansion and future growth,” said an official at SKC. “We will rapidly complete our business model innovation to grow into a global ESG material solution company representing Korea.” [End]
2023-10-12
