SEOUL, KOREA - Hanwha L&C, a construction material unit of Hanwha Group, will be reborn as a company specializing in automotive and electronic parts and photovoltaic cells after completing its sell-off of the materials business.

 

According to industry sources on June 15, Hanwha L&C has signed on the 13th the main contract to sell the materials unit to MorganStanley Private Equity. The private equity firm will take over the unit at 290 billion won on condition that it would assume Hanwha's debt. It will retain the corporate brands.

 

Hanwha L&C, under the new corporate name of Hanwha Materials (tentatively named), will focus on automotive plastic products, smartphone touchscreen film, and flexible copper clad laminate.

 

Established in 1999 after a spinoff from Hanwha Chemical, Hanwha L&C has business units in construction materials (flooring and windows) and automotive parts and components. The material division accounts for 56 percent of the company's total sales revenue.