SKC seeks M&As in semiconductor, rechargeable battery materials

SKC swung to losses in 2022 due to the poor performance of its chemical business but its semiconductor and rechargeable materials units fared well

South Korean chemical materials company under SK Group, is seeking to buy semiconductor and rechargeable battery materials companies in the US and Japan to bolster its non-chemical business after it swung to losses in 2022 due to the stagnant chemical sector.

“We are seeking to buy rechargeable battery materials company in the US while reviewing a Japanese company in the semiconductor materials sector,” Choi Du-hwan, chief financial officer (CFO) at SKC, told reporters and analysts during a fourth-quarter earnings conference call on Monday. The company is also open to buying companies in the sectors at home if there is any good candidate.

As it eyes on active M&As, SKC projected its capital expenditure for 2023 will jump more than 30% from the previous year’s 1.1 trillion won ($876.8 million), according to its regulatory filing on Monday.

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