Posco International CEO Joo Si-bo (right) and Innovated Technology CEO Lee Seok-jun pose for a picture after a signing ceremony held at Posco International’s headquarters in Songdo-dong, Incheon. (Posco International)
Posco International, South Korea’s largest trading company, said Tuesday that it has invested in local laser cutting applications developer Innovated Technology.
The two firms partnered through an acquisition of shares in Innovated Technology by Posco International. The details were not disclosed.
Innovated Technology currently has a wide range of laser cut solutions used in making tempered glass, as well as those used to protect displays. The firm currently processes ultrathin glass products for mobile devices, as well as laser equipment used in the wafer dicing process.
The company also has a patent for a crack-free laser cutting method used in the manufacturing of ultrathin glass -- including 30-micrometer-thick glass -- and semiconductor processing.
Under the latest partnership, the two companies plan to seek new business models, while helping Innovated Technology to export its equipment and products, Posco International said.
According to Posco International, the global ultrathin glass market is expected to grow to 1.2 trillion won in 2025 from 180 billion won this year, marking an annual growth rate of 47 percent. The wafer dicing equipment market is expected to reach 1.1 trillion won from 800 billion won in 2019, the company said.
Meanwhile, Posco International has been providing support to midsized firms in Korea. Earlier this month, the company held a conference and offered consultations to local firms trying to enter foreign markets. In October, with the state-run Export-Import Bank of Korea, the company provided financial support to parts makers here.
By Shim Woo-hyun (firstname.lastname@example.org