April 26, 2024

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[THE INVESTOR] LG Chem said on Sept. 12 that it has acquired Uniseal, an American maker of specialty adhesives and sealants in a move to diversify its business portfolio.

The firm purchased a 100 percent stake in Uniseal from its parent company, Koch Enterprises in a deal worth about 150 billion won (US$133 million), a person familiar with the deal said.

Currently, LG Chem is a key supplier of batteries to US auto giant General Motors, European companies Volvo and Renault and Korea’s Hyundai Motor Group.

Uniseal products are used in the transportation industry, and the automotive, heavy truck and trailer market segments account for over 80 percent of the company’s business, according to Koch Enterprises. Uniseal customers include GM and Ford Motor.

In 2017, Uniseal sales reached about 63 billion won, LG Chem said.

The Evansville, Indiana-based company’s primary manufacturing facilities are located in Evansville, Shanghai, Retsag in Hungary and Chennai in India.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)