KKR said on March 5 that it has completed its investment in LS Group’s auto parts maker LS Automotive and acquired KCF Technologies, the group’s copper foil business arm, formally known as LS Mtron.
“LS Automotive and KCF Technologies are world-class businesses and leaders in their respective fields. We are excited to partner with their management teams to support long-term growth as the auto industry rapidly evolves and global customers increasingly seek environmentally friendly automobiles,” said Lim Hyoung-seok and Park Chung-ho -- managing directors of KKR -- in a statement
The buyout firm said KKR’s partnership with the two companies will serve to attain several goals, such as accelerating their growth at both home and abroad, help penetrate new verticals, and increase sales in existing markets.
In July 2017, LS Group signed a package deal worth 1.05 trillion won (US$972 million) with KKR in a bid to focus on its key businesses such as electricity, infrastructure and energy. KKR made its investments from its US$9.3 billion KKR Asian Fund III.
Established in 1973, LS Automotive is a Korea-based auto parts company that produces auto components including switches, interior lamps and human machine interface systems. KCF Technologies manufactures and sells copper foils for large capacity lithium-ion batteries for electric vehicle applications and mobile devices.
By Park Han-na (email@example.com