Kolon to invest $94 mn in industry film JV with SK Microworks
Hyung-Kyu Kim
5 HOURS AGO
Kolon Industries’ researcher showcases PET film manufactured with recycled plastics in May 2021 (File photo by Kolon Industries) South Korea’s major chemical materials producer Kolon Industries Inc. is set to invest 129.6 billion won ($94.2 million) in setting up an industrial film joint venture (JV) with SK Microworks Co. to regain ground in the sector dominated by Chinese rivals.
Kolon agreed to take an 18% stake in the JV with the investment, while SK Microworks, the world’s No. 4 industrial film producer, will hold the rest, according to Kolon’s filing to a regulatory filing.
The two companies aim to strengthen their competitiveness in the industrial film sector and expand their shares in the global market through the JV.
“We expect the PET film business to take a new leap through the strategic partnership with Hahn & Co.,” said a Kolon official. “The JV will improve its global competitiveness based on the two companies’ technology and industry experience.”
The company plans to focus on its mainstream business such as aramid, the lightweight reinforced fiber with tensile strength five times stronger than iron of the same weight with high heat resistance and low cutability, while enhancing its competitiveness in future industries such as hydrogen, secondary battery and eco-friendly solutions.