HS Hyosung enters battery material sector with Umicore deal

HS Hyosung, a major materials and artificial intelligence (AI) developer, has expanded into the battery materials sector by acquiring a subsidiary of global materials firm Umicore, marking its entry into one of the nation’s key manufacturing industries. The group said Monday that its acquisition of battery anode maker EMM reflects HS Hyosung Vice Chairman Cho Hyun-sang’s initiative to secure “technologies and intelligence assets” essential to the conglomerate’s sustainable growth. HS Hyosung acquired EMM on Friday through an investment worth 120 million euros ($138 million) in Belgium-based Umicore. The Korean firm has also agreed with Umicore to establish a joint venture, which is pending approval from the Belgian government. According to the company, Cho personally visited Umicore’s headquarters several times to meet his timeline for signing the acquisition deal by late October. “Cho participated in numerous overnight meetings with Umicore despite his responsibilities as chair of the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council, which required him toWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times