South Korean glass company sale completed
Saint-Gobain has completed the sale of its construction glass activity in South Korea (Hankuk Glass Industries) to Glenwood Private Equity. The business generated revenues of approximately €200 million and operating income of €10 million in 2018. The divestment was based on an enterprise value of some €240 million.
This transaction is part of Saint-Gobain’s portfolio optimisation strategy within the framework of its refocused organisation. Divestments completed or signed by the group to date in order to enhance its growth and profitability profile represent sales of around €3.3 billion. The divestment programme continues, even though the initial target of over €3 billion in sales divested by the end of 2019 has already been met.