Saint-Gobain completed the sale of Hankuk Glass Industries, the company’s construction glass activity in South Korea, to Glenwood Private Equity on Dec. 19, 2019.
The business generated revenues of around $221 million and operating income of $11 million in 2018. The divestment was based on an enterprise value of around $266 million.
This transaction is part of Saint-Gobain’s portfolio optimization strategy within the framework of its new organization. Divestments completed or signed by the Group to date in order to enhance its growth and profitability profile represent sales of around $3.6 billion.
Saint-Gobain is continuing its divestment program even though the initial target of over $3 billion in sales divested by the end of the year has already been met.