SAINT-GOBAIN ANNOUNCES THE SALE OF ITS CONSTRUCTION GLASS BUSINESS IN SOUTH
KOREA AND REACHES ITS DIVESTMENT TARGET ANNOUNCED FOR THE END OF 2019
Saint-Gobain has reached an agreement to sell its construction glass activity
in South Korea (Hankuk Glass Industries), a player in the local construction
market, to Glenwood Private Equity, a leading investment management company in
Korea specialized in industrial activities and the construction sector.
The transaction should close at the end of 2019 once approval of the
competition authorities has been granted. It will be based on an enterprise
value of around EUR240 million.
In 2018 the business generated revenues of around EUR200 million and operating
income of EUR10 million. The company employs 310 people and consists
principally of two flat glass production units and a transformation line.
Saint-Gobain retains its leading position in South Korea and continues its
development in the automotive markets, in life sciences and in insulation, both
industrial and construction.
This transaction marks an important milestone in the execution of
Saint-Gobain's portfolio optimization strategy: with over EUR3 billion in sales
completed or signed as of today, the objective announced for the end of 2019
has already been reached.
Saint-Gobain designs, manufactures and distributes materials and solutions
which are key ingredients in the wellbeing of each of us and the future of all.
They can be found everywhere in our living places and our daily life: in
buildings, transportation, infrastructure and in many industrial applications.
They provide comfort, performance and safety while addressing the challenges of
sustainable construction, resource efficiency and climate change.
EUR41.8 billion in sales in 2018
Operations in 68 countries
More than 180,000 employees
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