S&K Polytech to Acquire Sunjin Engineering for "Business Diversification"
S&K Polytech announced on the 29th that it will pursue business diversification by acquiring Sunjin Engineering, a specialist in electric vehicle (EV) electronic components.
Sunjin Engineering is a partner of Hyundai Motor Group and primarily manufactures busbars and terminals for electric vehicles. Last year, its sales grew by 35.9% year-on-year, reaching 22.5 billion won. In the previous year, the company relocated to Hwaseong, Gyeonggi Province, expanded its facilities, and completed investments to enhance its production capacity.
S&K Polytech aims to foster the electronic components business as a new growth engine alongside its existing polyurethane foam business. The company expects to create synergies between its current polyurethane foam business, which is increasingly being applied to automotive batteries and electronic components, and the wiper business of its subsidiary, CAP.
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An S&K Polytech representative stated, "With the sale of an idle factory worth 48 billion won, we have secured financial capacity, so we will continue to expand investments to strengthen competitiveness and will also keep reviewing additional mergers and acquisitions of promising external companies."
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