Meitu announced the acquisition of the silicone business of Korea's KCC Group

On January 6, 2021, Meitu Gaoxin Materials ("Maitu") announced that it had signed an agreement to acquire the silicone business of Korea's KCC Group ("KCC") in Korea and the United Kingdom, as well as its silicone sales business in China.
acquisition will further strengthen Mytu's global strength in high-end silicone products and specialized applications.
the acquisition resulted in the transfer of KCC's silicone business from KCC, the majority shareholder of Meitu, to Meitu, thereby consolidating the combined strength and expertise of both parties in the advanced silicone business.
develops and produces high-end and specialty silicone products for healthcare, telecommunications, electronics, personal care, construction, transportation, agriculture, energy and many other industries.
Sam Conzone, President and CEO of Meitu Group, said, "We are excited about the synergies and business opportunities that this acquisition brings to Meitu and KCC Groups.
acquisition further expands our technical capabilities, expands our business areas, and will continue to strengthen our presence in the Asia Pacific region, including South Korea, where demand for silicones and specialty materials is strong and growing.
" Matu recently announced a series of strategic initiatives aimed at transforming itself into an industry leader in specialty silicones, including the recent sale of its North American consumer sealant business to Hengo, Germany, and the phasing out of its base silicone monosyl unit business in Waterford, N.Y., while Maitu will invest $15 million in the production of advanced electronic materials.
. Joseph Bruderek, Vice President of Corporate Development and Strategy at Meitu, said, "The integration of the silicone business allows us to focus Mytto's strengths and expertise on advanced technology.
acquisition of KCC's silicone business is another important milestone in the transformation and upgrading of Meitu.
" Meitu was acquired in 2019 by Korea's KCC Group, SJL Partners LLC ("SJL") and Wonik QnC Corporation ("Wonik").
January 1, 2020, Maetu spun off its quartz and ceramic business, and SJL and Wonik became major shareholders in the spin-off Meitu Quartz Technologies.
as part of the overall divestiture of assets, Wonik has withdrawn its stake in the Meitu silicone business and the KCC Group has become a major shareholder in Meitu.
KCC's stake in Meitu will increase to 60 per cent as the sale of its silicone business merges with Meitu.
About Mitumaitu is a global leader in silicones and advanced materials with a history of more than 75 years, creating applications and markets for silicone high-performance products in key industries that support and improve people's daily lives.
provides science-based solutions by connecting customized technology platforms to customer needs.
is an indirect wholly owned subsidiary of MOM Holding.
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