SK Materials Airplus may consider leasing back gas facility after sale SK hynix’s gas supplier may want to continue to operate high profit-generating facility
Translated by Ryu Ho-joung 공개 2022-05-02 08:12:28
이 기사는 2022년 05월 02일 08:05 thebell 에 표출된 기사입니다.
SK Materials Airplus, the industrial gas unit of SK Group, may want to lease back its industrial gas facility after selling it to an investment firm, industry sources said.Macquarie Group, KKR and Brookfield Asset Management are in the bidding race to buy the South Korean company’s industrial gas facility in Icheon, Gyeonggi Province, near SK hinyx’s plants. The price tag is estimated to be around 1 trillion won ($795 million).
Many industry experts think that SK Materials Airplus is likely to continue to operate the Icheon gas facility by leasing it back after sale, saying that the company may not want to give up the facility’s high profits.
SK Materials Airplus recorded an earnings before interest, tax, depreciation and amortization (EBITDA)-to-revenue ratio of 44.3% in 2021, much higher than those of rivals such as DIG Airgas (29%) and AirFIrst (33%).
The Icheon gas facility was constructed near the plants of SK hynix, the main customer of SK Materials Airplus, based on the contract between the two parties. This type of contract requires the gas supplier to initially spend a heavy amount on building new facilities but profitability can improve fast as the customer shares electricity charges, which represent a sizable portion of total production costs.
SK Materials Airplus started supplying industrial gases through its Icheon facility to SK hynix’s M14 plant in 2017 and the M16 plant in September 2020.
The winning bidder may also prefer to lease the Icheon gas facility back to SK Materials Airplus because in this way, it can enjoy stable cash flow generated from rent while letting the company operate the facility.
Yet, SK Materials Airplus denied such a possibility, saying that it is “not currently considering leasing back the facility after sale”.
The proceeds from the sale are expected to be used for production facility construction rather than new business opportunities, especially given SK hynix is set to start construction of its new plant in Yongin in May. This means SK Materials Airplus also needs to prepare to build a gas facility in the city, industry watchers said. (Reporting by Byung-keun Kam)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- SGA솔루션즈, 185억 CB 물량 '단계적 상환'
- 대웅제약, 편두통 보톡스 '플라시보' 부담에도 3상 간다
- [지배구조 분석/카카오]금산분리 이슈 벗었지만…케이큐브홀딩스 '안심 어렵다'
- 1분기에도 '수익구간' SK바이오팜, 연간 흑자 목표 청신호
- [유증&디테일]퀄리타스, 저조한 최대주주 참여율 '흥행 변수'
- [바이오텍 유증·메자닌 승부수]차바이오텍, 4년만에 또 시장조달…같은 점·다른 점은
- [베일 벗은 통합 셀트리온]통합 후 첫 실적, 역대 최대 매출? 착시효과 해소는 '아직'
- [BIO KOREA 2024]임종윤의 '한미약품' 신약보단 CDMO…파트너 찾기 열중
- [BIO KOREA 2024]"렉라자 탄생 공신은 J&J" 유한양행 협력 잇는다
- [BIO KOREA 2024]유한양행, 후속 렉라자 3총사 '암·MASH·알레르기'