EVE Advanced Materials Completes Acquisition of SC Engineering

EV Advanced Materials announced on the 21st that it has completed the acquisition of shares in SC Engineering.

A representative from EV Advanced Materials stated, “SC Engineering, supported by the steady growth of its subsidiary Cellontech, which operates in the EPC (Engineering, Procurement, and Construction) business as well as the healthcare and bio industries, will continue to grow more solidly and stabilize this year through thorough consultations with existing employees.” They added, “Of the planned 40 billion KRW funding from the ongoing 12th and 13th convertible bonds (CB) by SC Engineering, 25 billion KRW will be allocated to Cellontech’s new factory-related expenses, and the remaining 15 billion KRW will be used as operating funds to stabilize SC Engineering’s core EPC business.”

According to the company, the EPC business achieved new orders exceeding 250 billion KRW by last year and is significantly expanding its order scale in advanced new growth sectors such as hydrogen, secondary batteries, and specialty chemicals.

The subsidiary Cellontech has also shown steady growth over three years, with sales of 7.23 billion KRW in 2021, 14.15 billion KRW in 2022, and 14.78 billion KRW in 2023. As of September 2024, it has achieved approximately 13 billion KRW in sales, indicating continued growth this year as well.

A representative from EV Advanced Materials said, “Through this acquisition, we expect business diversification and sustainable growth. We plan to maximize synergy effects with SC Engineering and Cellontech through cooperation with affiliated companies, thereby strengthening competitiveness in the global market.”

Meanwhile, EV Advanced Materials had previously disclosed on November 18 last year that it signed a contract to acquire 1,028,888 shares (2.9%) of SC Engineering and 66.68% of the shares of the largest shareholder, Wo&Company. Wo&Company holds 3,790,976 shares (10.8%) of SC Engineering, making it the largest shareholder.