21 May 1998: France“s Saint-Gobain and its partner Hankuk Glass Industries, the leading South Korean glass producer, have reportedly decided to reorganize and strengthen their joint ventures, followi…
21 May 1998: France“s Saint-Gobain and its partner Hankuk Glass Industries, the leading South Korean glass producer, have reportedly decided to reorganize and strengthen their joint ventures, following the decision made by Hankuk to focus on its Float Glass and Automotive Class businesses. The Reinforcement Division of Saint-Gobain, through its subsidiary Vetrotex, is increasing its participation in Hankuk Vetrotex by buying a 36.8% stake in Hankuk, which will keep a limited minority interest and continue to bring assistance to the good evolution of this company, according to press reports. Hankuk is expected to invest most of the funds received from this transaction in Hankuk Sekurit, a joint venture with Sekurit Saint-Gobain, Hankuk Glass and Sekurit Saint-Gobain will proceed together to a significant capital increase in this activity of glass supply to the Korean automotive car manufacturers. These operations demonstrate an additional step in the cooperation between Hankuk and Saint-Gobain, which began about ten years ago.