Semiconductor material and component firm Hana Materials has hired a new executive, an expert in M&A, to look for new business opportunities, TheElec has learned.
GS Energy managing director Kang Dong-ho has been appointed the executive vice president of business development at Hana Materials last month, people familiar with the matter said.
Hiring of Kang was confirmed by a Hana Materials spokesperson.
The 49-year-old Kang is known as an M&A expert, having worked at Lehman Brothers, Goldman Sachs and Nomura as well as in business development roles at KT&G, KTB Private Equity and GS Energy.
Kang was given stock options by Hana Materials for 40,000 shares __ which is worth around 2 billion won.
Hana Materials is likely aiming to diversify its customers and revenue streams through the move, the people said.
The company’s main source of revenue has been silicon rings, with its customer being Tokyo Electron, which is the second-largest shareholder of Hana materials.
As of 2019, according to a report by Samsung Securities, Tokyo Electron accounted for 80% of its sales that year, followed by Semes’ 9% and Applied Materials’ 8%.
Hana Materials has been developing silicon carbide rings since 2015 to reduce its reliance on silicon rings for revenue. It is also aiming to develop materials for lithium-ion batteries.