Korea’s Philoptics is looking to triple revenues of its battery equipment-making business this year compared to 2019, according to the company on Feb.27.
At a shareholders’ meeting held at its headquarters on this day to vote on a spinoff of its energy business division, the company indicated it is aiming for KRW 100 billion of revenues from battery equipment this year, up three times from its 2019 sales of KRW 37 billion.
“The market is quickly moving towards electric cars, which means that if Samsung SDI secures up to a 10% market share, we could grow accordingly,” said Han Ki-su, CEO of Philoptics. Samsung SDI is one of Philoptics’ key clients.
Philoptics has been diversifying its portfolio to wean itself off of display-making equipment on account of an industry decline. Since 2016, the firm has been focusing on battery-making equipment to post KRW 34 billion of sales from the division in 2018. So far, it has churned out mostly notching equipment, but is now preparing to produce stacking equipment as well.
“We have jointly developed stacking equipment with Samsung SDI,” Han said, adding that the company’s energy division is a key business responsible for manufacturing “top-of-the-line” equipment for clients.
Meanwhile, the spinoff was designed to pursue the growth of the battery and display equipment divisions, according to the CEO. A new company called PBM would be created from the move, which his scheduled for Apr. 1.
The Elec is South Korea’s No.1 tech news platform.