UPDATED. 2024-07-12 07:53 (금)
Wonik IPS' talks to buy Semes display kit business in trouble
Wonik IPS' talks to buy Semes display kit business in trouble
  • Stan Lee
  • 승인 2020.12.03 11:31
  • 댓글 0
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The two disagree on compensation for employees
Image: TheElec
Image: TheElec

Talks between Wonik IPS and Semes for the former to buy the latter’s display equipment business is being stifled by disagreements between the pair on employee transfer and compensation.

Semes have been unable to come up with a proper compensation plan for its employees, TheElec has learned.

There are concerns that this may lead to the talks failing as it did between KCTech and Semes. KCTech had also attempted to buy the business.

Around 300 employees at Semes' display equipment business is expected to be transferred to Wonik IPS if the deal pulls through.

As of the third quarter, the average annual salary at Semes per employee was 57 million won, while Wonik’s was 43 million won.

Semes has one of the highest salaries in the equipment industry as it is an affiliate of Samsung. 

Wonik IPS and Semes have signed a binding MOU. If their disagreements aren’t settled quickly, a main contract may not happen, people familiar with the matter said.

Semes’ receivable fees remaining from its Chinese customers is also an obstacle. Chinese display companies retain around 10 to 20% of the total fees even after the kits are delivered.

Wonik has said back in August that it expects to pay 82 billion won for Semes’ display kit business. The price is subject to change. 

KCTech, which also attempted to buy Semes’ display kit business, was seeking to buy it for 20 billion won without taking the receivable from Chinese customers into consideration.

A Semes spokesperson said talks were on the way to sell its display kit business but declined to comment further.

The company is planning to sell its photo and wet equipment technology, sales right and staff. 

It is not selling its inkjet printing business however, which is used the encapsulation and pattern forming processes for color filters and OLED.

Semes and Wonik IPS has until January 19 to provide updates on their main contract to local financial authorities.

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