South Korea’s SKC Co., a chemical and tech material producing unit of SK Group, said Friday it will wholly own Cheonan-based SKC Haas Display Films Co. after buying the 51 percent stake from its U.S. joint-venture partner Dow Chemical at 81.7 billion won ($72.17 million).
In a disclosure statement, it said it agreed to acquire 591,564 existing shares held by Dow Chemical at an exchange rate of 1,131.7 won versus the U.S. dollar. The purchase is to bolster “synergy effect in film business through expansion of its value chain.”
SKC shares were flat at 30,450 won as of 1:00 p.m. Friday.
The deal requiring approval from the Fair Trade Commission will make SKC wholly own the leading maker of optically clear adhesives popularly used to bond smarphone touch screens and flat display panels as well as other devices when combined with its existing 49 percent stake. The deal is expected to be finalized by June.
The company was established in 2007 between SKC and U.S.-based chemical firm Rohm and Haas Co, which was taken over by Dow Chemical in 2009.
SKC Haas operates factories in Cheonan, Korea, and Suzhou, China. It accounts for 64 percent of the global shatter-proof film market and is the world’s largest OCA film producer.,
Last year, the company recorded 277.8 billion won in sales and 13.1 billion won in net income.
By Jung Wook
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