SKC sells stake in Chinese PET plant to Toyobo

SKC Inc., a South Korean industrial film maker, said Wednesday that it has decided to sell a stake in its Chinese polyester film plant to a Japanese maker of plastic film, as part of efforts to strengthen business cooperation.

Toyobo Co. of Japan will hold a 15-percent stake in SKC High Tech Plastics Co. in China, becoming the third-largest shareholder after SKC and SKC China, the company said.

SKC did not reveal the value of the deal.

The PET film plant, located in the Chinese city of Nantong, Jiangsu Province, is set to start its operation in the first half of the year, according to SKC. The plant was set up in 2011. SKC did not mention the plant’s annual production capacity.

Polyester film is mainly used for packaging food and other products.

Toyobo, which specializes in high-end industrial film, posted some 4.08 trillion won ($3.7 billion) in sales in 2011. (Yonhap News)