South Koreas chemical and high tech material company SKC Co. sold off some of its money-losing solar business operation to local rival Woonging Energy for 3 billion won ($2.7 million) to clean up ailing business for restructuring.
SKC solmics Co. which primarily manufactures components for liquid crystal display and semiconductor announced on Tuesday that it was selling some of its solar power facilities to Woongjin Energy Co.
The company has been losing money in the solar energy business it ventured into in 2011 due to glut in local market. The company would be eventually pulling out of the business and instead concentrate on its core manufacturing of fine ceramics for LCD and chips.
The offloading of ailing sector would likely boost …
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