On the 9th, KCC GLASS Corporation and Korea Autoglass Corp. held a board meeting to pass the resolution for merger and signed a merger agreement. The merger is expected to be completed by December 1 after a general meeting of shareholders to be held for final approval on October 29.

KCC GLASS Corporation and Korea Autoglass Corp. said, “By establishing a single unified system from the production of raw materials to distribution under a single roof, the merger will bolster efficiency and strengthen our overall competitiveness while focusing on technological innovation.”

KCC GLASS Corporation in particular, plans to create synergy effects through the merger by ensuring stable supply and demand of glass and developing high-performance glasses including head-up display (HUD) glass, lightweight laminated glass, solar cell roof, and heating glass.

Established as a spin-off in January, KCC GLASS Corporation focuses on commercial materials, glass and interiors as its main business. It has 50% of the domestic market share in float glass while strengthening its dominant position in the interior market, which shows continuous growth, through its own brand, HomeCC.

Meanwhile, Korea Autoglass Corp. manufactures concrete piles and safety glass for automotive. The automotive safety glass division, which accounts for about 90% of the company’s total sales, is a major vendor to domestic automakers such as Hyundai Motor, Kia Motors, and GM, while maintaining 70% of market share through exports.