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CFL, a European subsidiary of Solus Advanced Materials (photo=Solus Advanced Materials) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Solus Advanced Materials is pursuing spin-off following the liquidation of non-main affiliates.
According to the industry on the 11th, Solus Advanced Materials decided to pursue a spin-off to separate the battery foil and advanced materials businesses on the 29th of last month. Through the division, the plan is to recognize the performance of each business to improve employee and shareholder value while strengthening the expertise of each business division. Whether to proceed with the spin-off and specific plans will be confirmed by the board of directors within the year.
Recently, Solus Advanced Materials has been making various attempts to improve profitability.
Solus Advanced Materials’ poor performance continues. This is due to a slowdown in upstream markets such as electric vehicles, semiconductors, and displays, coupled with an oversupply of copper foil from China. The company's annual sales last year were KRW 429.4 billion, up 2.7% from the previous year, but it had an operating loss of KRW 73.4 billion. An operating loss of 49.6 billion won occurred in 2022 as well.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
