Glenwood PE (Korea PU Holdings) to acquire 100% of SK PUcore for KRW 410.3bn
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- $283m
- Stake
- 100%
- Implied 100%
- $283m
- Revenue
- —
- Op. income
- —
- Multiples
- —
Deal value ÷ stake (structure unconfirmed)
- Target
- SK PUcore · Polyurethane raw materials (polyols)
- Buyer
- Glenwood PE (Korea PU Holdings) · FI
- Seller
- SKC
- Structure
- —
- Announced
- Oct 12, 2023
- Closed
- —
- Stage
- Signed
Target
SK PUcore, an SKC subsidiary, has produced polyols (polyurethane raw materials) since 1991 at its Ulsan plant and overseas sites. The deal included the optical polyurethane materials business of Woori Fine Chem, acquired by SKC in 2019.
Deal rationale
SKC said the divestiture was a decision to complete its business-model transformation into a 'global materials ESG solutions' company centered on batteries, semiconductors and eco-friendly materials, adding that the PU business required large additional investment. Glenwood PE's stated rationale was not reported at announcement; Asia Economy later reported a KRW 58 billion capital increase for capacity CAPEX in Ulsan and overseas. The Fact reported that in November 2025 the optical materials unit was sold to EssilorLuxottica for about KRW 20 billion to focus on polyols.
Press coverage
- 메트로경제 (2023-10-12): “SK피유코어 지분 100%를 4103억 원에 글렌우드PE에 매각”
- 아시아경제 (2024-11-19): “SK피유코어 … 4024억”
- 더팩트 (2025-11-17): “지난해 2월 4024억원에 사들인 SK피유코어(현 피유코어)도 PMI가 한창이다.”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.