Dongsung Chemical to Sell Dongsung TCS and Materials Business, Focus on Four Major New Businesses

Advancing Eco-friendly, High-function, Energy, and Biohealth-centered Businesses

Chemical materials specialist Dong Sung Chemical has begun a full-scale business restructuring by selling its Composite Division and subsidiary Dong Sung TCS.

Dong Sung Chemical announced on the 2nd that it signed a business transfer agreement for the Composite Division and a stock purchase agreement for all shares of Dong Sung TCS with SG Private Equity (SG PE) last month, and recently completed all procedures.

Dong Sung Chemical plans to invest the funds secured from the sale into new growth engines.

Busan Saha-gu Dongseong Chemical Headquarters Exterior [Photo by Dongseong Chemical]

Dong Sung TCS has been engaged in interior and exterior parts for heavy equipment and commercial vehicles, while Dong Sung Chemical's Composite Division has been operating in the automotive thermosetting composite material SMC (Sheet Molding Compound) business.

A Dong Sung Chemical official said, "This sale is aimed at enhancing corporate value," adding, "We will advance our business portfolio centered on the four new core businesses: eco-friendly, high functionality, energy, and biohealth sectors, to establish a sustainable growth foundation."

Previously, Dong Sung Chemical acquired Dong Sung TCS in 2014 and in 2017, spun off and merged Dong Sung TCS's Composite Division through a demerger.