South Korea's SKC to sell film business for about $1.3 billion

　　On June 8, South Korea's SKC announced that it would sell its thin-film business to Hahn & Company, South Korea's largest investment-specific private equity fund operating company
.

　　The transaction targets are SKC's film business unit, film processing subsidiary SKC hi-tech & marketing, and factories in the United States and China, with a contract value of 1.
6 trillion won (about 1.
3 billion U.
S.
dollars)
.
SKC will complete the transaction in the fourth quarter after completing the necessary procedures such as the general meeting of shareholders and business division
.

　　Founded in 1976, SKC is the first company in Korea to develop and manufacture products in the fields of thin films, chemicals and materials
.

　　SKC's thin film business mainly produces advanced IT equipment and industrial products such as displays and mobile devices
.
Following the development of PET film for the first time in Korea in 1977, and the development of video tapes for the first time in Korea in 1980, it set a number of "firsts" records and drove the domestic film industry in Korea
.
Sales in 2021 will be 1.
1319 trillion won (about 950 million U.
S.
dollars) and operating profit will be 68.
9 billion won, showing a growing trend
.

　　SKC decided to sell the thin film business in order to clarify its image as a global ESG material solutions company centered on secondary batteries, semiconductors, and environmental protection
.
Although the film business continues to grow in sales and operating profit on the basis of global competitiveness, it is not in the same strategic direction pursued by SKC
.
In response, SKC decided to sell the company's thin film business to an acquirer suitable for the growth and development of the thin film business
.