SEOUL, Sept. 15 (Korea Bizwire) — LG Uplus Corp. aims to expand its non-telecom business portfolio to account for up to 40 percent of its total sales by 2027, as South Korea’s third-largest wireless carrier plans to transform itself into a digital platform service provider from its traditional telecom identity, its CEO said Thursday. At [...]
SEOUL, Sept. 14 (Korea Bizwire) — SK Group, South Korea’s second-largest conglomerate by assets, said Thursday it will spend 73 trillion won (US$52.4 billion) by 2023 to boost its domestic production facilities for chips, green energy and bio. The energy-to-telecom business group will also spend 25 trillion won on research and development (R&D) over the [...]
SEOUL, Sept. 7 (Korea Bizwire) — Hanwha Solutions Corp., a key energy unit of South Korea’s Hanwha Group, said Wednesday it is investing 761.7 billion won (US$549.6 million) to boost production capacity of its domestic solar panel materials as it pushes for an expansion into the renewable energy sector. The announcement came after Hanwha recently [...]
SEOUL, Sept. 2 (Korea Bizwire) — South Korean builder SK ecoplant Co. said Thursday it has invested US$50 million in Ascend Elements, a U.S.-based lithium-ion battery recycling and engineered materials company, as part of efforts to gain a stronger foothold in the waste battery market. The investment is a part of Ascend Elements’ Series C [...]
SEOUL, Sept. 1 (Korea Bizwire) — South Korean cosmetic giant Amorepacific Corp. said Thursday it has reached an agreement with Tata’s Natural Alchemy LLC of the U.S. to fully acquire the American luxury skincare company. Amorepacific said it has reached the deal to acquire 100 percent of shares of the U.S. company, which operates the [...]
SEOUL, Aug. 29 (Korea Bizwire) — Hankook Tire & Technology Co., the world’s sixth-biggest tiremaker by sales, said Monday it will invest 2.1 trillion won (US$1.5 billion) to expand its existing U.S. tire manufacturing plant by early 2026. Hankook Tire currently produces 5.5 million tires a year for passenger vehicles and light-duty trucks in the [...]
SEOUL, Aug. 26 (Korea Bizwire) — A Seoul court on Friday approved SsangYong Motor Co.’s rehabilitation plan with “overwhelming” support from creditors and other related parties, paving the way for the carmaker to get its business back on track. The approval, which came one month after SsangYong submitted its restructuring plan to the Seoul Bankruptcy [...]
SEOUL, Aug. 25 (Korea Bizwire) — Singapore-based e-commerce firm Qoo10 plans to acquire TMON Inc. through a stock swap deal, industry sources said Thursday. TMON’s two major shareholders — Anchor Equity Partners and Kohlberg Kravis Roberts & Co. — have agreed on the stock swap deal with Qoo10, according to the sources. Under the deal, [...]
SEOUL, July 29 (Korea Bizwire) — South Korea’s app-based home-finding platform Zigbang Co. has completed its acquisition of Samsung SDS Co’s home internet of things (IoT) division. The company announced on Thursday that it took over home IoT business-related intellectual property rights and business rights for major sales, production and contracts from the Korean and [...]
SEOUL, July 29 (Korea Bizwire) — Austrian automotive light maker ZKW Group, a subsidiary of South Koran tech giant LG Electronics Inc., said Thursday that it will invest US$102 million to expand its Silao plant in Mexico. The plant has been engaged in manufacturing premium lighting systems since 2016. With this investment, the plant’s floor [...]