[Courtesy of KCC]
SEOUL -- KCC, a top provider of construction materials and paints in South Korea, expressed its apparent interest in the acquisition of Momentive, an American developer of high-performance resins, silicones and other advanced materials, but it cautioned against any hasty decision.
"We have reviewed various strategic initiatives, including the acquisition of the pertinent company, but any specific decisions have not been made at this time," KCC said in a regulatory filing, adding it would disclose details when a decision is made.
KCC's statement followed reports that the company has formed a consortium with SJL Partners, a Seoul-based private equity fund, and Wonik Group, a semiconductor material and equipment maker in South Korea, to acquire a 100 percent stake in Momentive.
Wonik issued a similar statement, saying it would issue a public notice if details are determined.
Investment bank officials said the acquisition would help KCC become the world's second largest producer of silicones. KCC's annual silicon production is estimated at about 70,000 tons.
Investment bank officials said the acquisition would help KCC become the world's second largest producer of silicones. KCC's annual silicon production is estimated at about 70,000 tons.
KCC's products include paints, float glass, soft sponges, silicon, chassis, and car parts. KCC Chairman Chung Mong-jin has disclosed a strategy to go global, set up an international business network and develop eco-friendly and high-value products as future growth engines. Combined sales of KCC and its affiliates in 2017 stood at 5.7 trillion won ($5.09 billion).
reporter
Lim Chang-won
cwlim34@ajunews.com
