LX Hausys Transfers Glass Business to Affiliate for 44.3 Billion KRW

Windows and doors by LX Hausys.

On the 27th, LX Hausys announced that it has transferred its architectural glass business to its affiliate, Hanguk Glass Industry.

Hanguk Glass Industry held a board meeting on the 21st and resolved the agenda for the business acquisition. Subsequently, at the extraordinary general meeting held on the same day, the agenda to conclude the business transfer contract between Hanguk Glass Industry and LX Hausys was approved. The transaction amount is 44.3 billion KRW.

The business acquisition target includes the glass business division operated by LX Hausys, including the coated glass factory located in Ulsan, assets, contracts, and other rights. With this contract, the glass business within the LX Group has been unified under Hanguk Glass Industry. Hanguk Glass Industry is a grandchild company of LX Holdings. LX Hausys is a subsidiary of LX Holdings.

As the number one window business operator in Korea, LX Hausys has been independently developing and producing coated glass, a key product of windows, since 2012 to manufacture and supply finished products combining windows and glass directly.

Hanguk Glass Industry is the longest-established flat glass manufacturer in Korea. It was the first in the country to develop coated glass and holds the number one market share in the commercial coated glass market. Through this business transfer contract, it plans to expand its presence in the residential market and strengthen its status as a specialized glass company by realizing economies of scale through increased coated glass production.

A representative of Hanguk Glass Industry stated, “We aim to grow into the number one business operator in the architectural glass industry by strengthening the competitiveness of our core business and expanding growth momentum,” adding, “We will significantly expand the market, secure new revenue sources, and maintain a stable financial structure.”

This content was produced with the assistance of AI translation services.