SK Chemicals sells bioenergy business to private equity fund

Lim Chang-won Reporter() | Posted : Febuary 5, 2020, 12:10 | Updated : Febuary 5, 2020, 12:10

[Courtesy of SK Chemicals]

SEOUL -- SK Chemicals sold its bioenergy business division to Hahn & Co., a private equity investment firm in South Korea, in a deal worth about 380 billion won ($320 million) to secure funds for new projects and focus on eco-friendly materials and life science.

SK Chemicals said Wednesday in a regulatory filing that the decision to sell its business division which produces bio-diesel and bio-heavy oil was made to focus "our capabilities on core projects and finance our future investments in new growth projects." "We want to increase the value of our existing businesses and secure funding for new projects, including mergers and acquisitions."

SK Chemicals has produced composites, high-performance materials, energy-saving materials, and other products. The company also offers total healthcare solutions services. In recent years, the company has reorganized its business structure. In 2018, it divided its vaccine business to establish SK Bioscience and is in the process of expanding eco-friendly copolyesters.

Copolyesters form when modifications are made to polyesters. Manufacturers use them in the design of high-volume, low-cost parts as well as critical, more expensive component parts. They are also frequently used in the manufacture and packaging of consumer goods and materials.

Hahn & Co., established in 2010, has seen rapid growth through a differentiated investment strategy to become one of South Korea's largest and most active private equity investors.
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