Saint-Gobain has reached an agreement to sell its construction glass activity in South Korea.

Hankuk Glass Industries will be sold to Glenwood Private Equity, an investment management company in Korea specialised in industrial activities and the construction sector.

The transaction should close at the end of 2019 once approval of the competition authorities has been granted.

It will be based on an enterprise value of around €240 million.

In 2018 Hankuk Glass Industries generated revenues of around €200 million and operating income of €10 million.

The company employs 310 people and consists principally of two flat glass production units and a transformation line.