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LG Chem acquires U.S. adhesive firm Uniseal

Yonhap News 로고 Yonhap News 2018.09.12. 09:34

By Kim Kwang-tae

SEOUL, Sept. 12 (Yonhap) -- LG Chem Ltd., South Korea's biggest chemical company by sales, said Wednesday that it has acquired Uniseal, Inc., an American maker of specialty adhesives and sealants in a move to diversify its business portfolio.

LG Chem purchased a 100 percent stake in Uniseal from its parent company, Koch Enterprises, Inc., in a deal worth about 150 billion won (US$133 million), a company official said.

Currently, LG Chem is a key supplier of batteries to U.S. auto giant General Motors Co., European companies Volvo and Renault and South Korea's Hyundai Motor Group.

Uniseal products are used in the transportation industry, and the automotive, heavy truck and trailer market segments account for over 80 percent of the company's business, according to Koch Enterprises. Uniseal customers include U.S. auto giants GM and Ford Motor Co.

In 2017, Uniseal sales reached about 63 billion won, LG Chem said.

The Evansville, Indiana-based company's primary manufacturing facilities are located in Evansville, Shanghai, Retsag in Hungary and Chennai in India.

© 제공: Yonhap News Agency

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© 제공: Yonhap News Agency

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