Smartphone glass firm Ryuk-Il C&S said on Tuesday that it has acquired chemical firm C&A for 1.8 billion won.
Ryuk-Il C&S has been looking for new business opportunities since its customer LG Electronics’ exit of their smartphones business in April.
LG Electronics had accounted for 80% of Ryuk-Il C&S’ revenue at the time.
The glass firm offers curved glass for automobiles and IT products.
C&A produces chemicals such as absorbents for ultraviolet rays and PVC stabilizers.
It has a production capacity of 2,000 metric tonnes per year and recorded 17 billion won in revenue and 1.3 billion won in operating income last year. Around 46% of its revenue came from overseas in that year.
A Ryuk-Il C&S spokesperson said the company was reviewing more acquisitions and the formation of joint ventures.
As of the third quarter, the firm had 37.9 billion won in cash and cash-like assets, likely from the compensation given by LG Electronics from their exit.