In May 2026, South Korean conglomerate Doosan announced the acquisition of a 100% stake in SK Siltron. The total deal value is reported at approximately KRW 5 trillion (around JPY 330 billion), sending significant ripples through the semiconductor wafer industry.
SK Siltron is a global manufacturer holding the third-largest share in the wafer market. While silicon wafers remain its core business, the company has made a serious push into SiC (silicon carbide) wafers and has been recognized as a key material supplier for power semiconductors used in EVs and industrial equipment.
The True State of the SiC Business Comes to Light
The acquisition negotiations have brought to light a serious deterioration in SiC business profitability.
SiC Impairment Loss
KRW 414 billion. Of this, KRW 334 billion in goodwill was written down to zero.
SiC Business Operating Loss
An operating loss of KRW 214.5 billion. Compared to the silicon wafer segment's operating profit of KRW 407.6 billion, the profitability gap between the two businesses is stark.
Interest-Bearing Debt and Covenants
Of total borrowings of KRW 2.7 trillion, approximately KRW 1.2 trillion carries covenants requiring immediate repayment upon a change of shareholder, creating a substantial post-acquisition financial burden.
Focus of Price Negotiations
According to the Seoul Economic Daily, Doosan is seeking a reduction from the originally proposed acquisition price, citing the scale of SiC business losses and contingent liabilities.
The pattern of a profitable silicon wafer business offsetting comparably sized losses in the SiC segment is not unique to SK Siltron. It reflects a broader reality: the plateau in SiC device demand for EVs that began in the second half of 2023 has propagated all the way up to wafer suppliers.
Doosan's Vision for Vertical Integration
Doosan's interest in SK Siltron goes beyond simple asset acquisition. The company already operates in inspection and packaging (back-end processes for wafers), printed circuit boards (CCL), and industrial robotics. Adding SK Siltron would allow Doosan to build a fully vertically integrated supply chain from wafer manufacturing to finished components. The strategy places the chip business at the core and draws materials, equipment, and back-end processes toward it.
The Japan-Korea Supply Chain Cooperation Context
This move coincides with the Japan-Korea joint statement on supply chain resilience announced on May 19. Against a backdrop of renewed government-level confirmation of Japan-Korea cooperation in semiconductor materials and components, South Korea's domestic consolidation in the critical wafer materials segment is underway.
How SK Siltron under Doosan reestablishes cost competitiveness in SiC wafers — a segment where competition with Japanese manufacturers may emerge — will directly shape the industry landscape going forward.
Implications for Management, Procurement, and Design
The figures from this deal suggest that monetizing SiC operations takes longer than most market entrants expect. The pace of EV demand growth, aggressive pricing from Chinese competitors, and manufacturing yield challenges — these factors combined are forcing even major wafer manufacturers to absorb substantial impairment charges.
At the same time, Doosan's acquisition of SK Siltron signals that reliable wafer supply sources may undergo further consolidation. For executives and professionals in corporate planning, procurement, and design who are adopting or evaluating SiC devices, the financial health of wafer suppliers and shifts in their ownership structures are worth tracking as procurement risk factors.