LX International acquires 100% of Hankuk Glass Industries for KRW 592.5bn

SI Industrials Architectural flat and coated glass

Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.

Deal value: $409m
Stake: 100%
Implied 100%: $409m
Revenue: $214m
Op. income: $25m
Multiples: EQV/EBIT 16.2xPSR 1.9x

Target: Hankuk Glass Industries · Architectural flat and coated glass
Buyer: LX International · SI
Seller: Korea Glass Holdings (Glenwood PE)
Structure: —
Announced: Mar 31, 2022
Closed: —
Stage: Closed

Target

Hankuk Glass Industries (brand Hanglas), founded in 1957, is Korea's oldest glass maker and No.2 by domestic share, producing flat and coated glass for building and residential windows. It developed Korea's first Low-E glass and posted 2021 revenue of KRW 310bn and operating profit of KRW 36.5bn.

Deal rationale

LX International CEO Yoon Choon-sung said the acquisition adds a stable profit base offsetting volatility in its resources business and provides a foothold into materials (iNews24, Newsis). It planned silica sand and soda ash trading using global sourcing and ESG investments in BIPV and smart glass. The seller was Glenwood PE's vehicle Korea Glass Holdings; an MOU was signed in December 2021 and the SPA in March 2022, and Glenwood's entry price was reported at about KRW 310bn (Financial News).

신사업 진출PE 회수(펀드 만기)

Revenue	$214m
Operating income	$25m
EBITDA	—
Net income	—

2021 · Multiple reports agree (not yet checked against DART)

Press coverage

아이뉴스24 (2022-03-30): “한국유리공업의 지분 100%를 5천925억원에 인수”
뉴시스 (2023-01-03): “LX인터, ‘한글라스’ 인수 완료…소재분야로 사업 확대”
한국벤처캐피탈협회 M&A 뉴스레터 (2022-04): “LX인터, 한국유리 5900억에 인수…구본준호 ‘1호 M&A’”
이투데이 (2023-01-03): “국내 유리 제조 분야 선도기업을 인수함으로써 안정적인 수익 기반을 추가로 확보하게 됐다”
파이낸셜뉴스 (2023-10-04): “한글라스(약 3100억원)”

This is a data entry summarising filings and press reports. Please check the original sources for the figures.