GS E&C in Talks to Sell Stake in GS Elevator

GS E&C is considering unloading control of some of its subsidiaries following its KRW388 billion (US$287 million) operating loss in 2023 — its first annual operating loss in 10 years – due to having to rebuild an apartment complex where an underground parking garage collapsed after the company’s omission of rebar in multiple pillars, The Korea Times reports. The firm has entered into a procedure to sell its stake in GS Elevator. This is GS E&C’s wholly owned subsidiary, which was founded in 2021 and has factories in Asan, South Chungcheong Province and Vietnam. Last year, GS Elevator failed, once again, to turn a profit, posting KRW34.1 billion in (US$25.5 million) sales and an operating loss of KRW16.1 billion (US$12 million). Officials say they are in talks with multiple companies and have not yet decided whether to sell part of or the entire stake.