China-based copper foil manufacturer Lingbao Wason Copper Foil is set to receive ₩270bn ($240m) from SK Holdings, the holding company of telecoms firm SK Group, China Money Network reported today.
Founded in 2001, Lingbao Wason produces copper foil, boasting an annual manufacturing capacity of 30,000 tonnes. Copper foil is an essential element of batteries, with the company’s clients including consumer electronics producer Panasonic Electric and carmaker BYD Auto.
The company is a subsidiary of gold mining company Lingbao Gold Group. SK Holdings will become the second largest shareholder following the deal’s completion.
Lingbao Wason will use the funding to expand its manufacturing capacity to 75,000 tonnes by 2022.
SK Holdings’ investment forms part of a wider strategy to expand its footprint in the electric vehicle sector, the rise of which has driven global demand for high-precision copper foil.
Lingbao Wason does not appear to have disclosed any prior funding.
