Fibre Packaging

Global Sea Group

Broader sector Private

Headquarters: Seoul, KR
Segment: Fibre Packaging
Stories held: 2
Last story: 22 Sep 2026

Global Sea Group is a South Korean diversified group whose core packaging business, Taerim Packaging, is the country's leading corrugated box maker, holding roughly 18 percent of the domestic corrugated market in 2024. The group also holds a paper-making affiliate that supplies its packaging operations.

2026 2

2 stories · 2026

Capital & Financial Markets Portfolio & Strategy 22 Sep 2026

Global Sea Group joins bidding for South Korea's JoongAng Ilbo

Global Sea Group, the South Korean conglomerate whose paper arm includes Taerim Paper and Jeonju Paper, has entered the bidding for national newspaper JoongAng Ilbo, according to investment banking sources. The sale is structured as a third-party allotment rights issue, with funding needed for the acquisition and the target's financial normalisation estimated at about USD 184m (KRW 250bn). A shortlist is due at the end of September 2026, and the seller is aiming to complete a debt workout before year end.

Why this mattersA win would extend the group's paper business into a captive newsprint customer just as digital substitution shrinks that market and its own mills pivot toward containerboard and packaging.

Global Sea Group has joined the bidding for JoongAng Ilbo, sold via a third-party allotment rights issue, with a shortlist due at the end of September 2026
Funding needed for the acquisition and JoongAng Ilbo's financial normalisation is estimated at about USD 184m (KRW 250bn)
The group's paper unit, comprising Taerim Paper, T&J Investment and Jeonju Paper, targets 2026 revenue of USD 1.62-1.70bn (KRW 2.2-2.3tn) and EBITDA of USD 207-221m (KRW 280-300bn)
Holding company Global Sea Co. held USD 15.4m (KRW 20.8bn) of cash against USD 427m (KRW 578.3bn) of current liabilities at end-2025, after two consecutive years of negative operating cash flow
Group consolidated cash stood at USD 330m (KRW 446.5bn), with a debt-to-equity ratio of 289%
Global Sea Group acquired Jeonju Paper and Jeonju One Power in 2024 to strengthen its paper business

Global Sea Group

Sources bloter.net KO

Capital & Financial Markets Portfolio & Strategy 23 Jan 2026

Global Sea says no decision taken on USD 1.48bn paper packaging sale

South Korea's Global Sea Group said in January 2026 that it had not decided to sell its paper packaging division, comprising Taerim Packaging, Taerim Paper and Jeonju Paper, denying media reports and stating that no advisor had been appointed and that there was no urgency to sell. A full divestment is put at around USD 1.48bn (KRW 2 trillion) and would cut group debt of USD 1.77bn (KRW 2.4 trillion) to roughly USD 295.2m (KRW 400bn). Parent Sae-A Trade built the division by buying Taerim Packaging and Taerim Paper in 2020 and Jeonju Paper in 2023.

Why this mattersA USD 1.48bn disposal would put one of Korea's larger containerboard and corrugated platforms in play, at a scale that would draw regional and financial buyers.

A rumoured full sale of Global Sea Group's paper division, valued at an estimated USD 1.48bn (KRW 2 trillion), had not been decided as of January 2026 and no advisor had been appointed
The paper units named in reports are Taerim Packaging, Taerim Paper, Jeonju Paper and Jeonju Won Power
Group total debt stands at about USD 1.77bn (KRW 2.4 trillion); a sale could reduce it to roughly USD 295.2m (KRW 400bn)
The paper division posted EBITDA of about USD 147.6m (KRW 200bn) in 2025 and combined annual revenue above USD 1.48bn (KRW 2 trillion)
Parent Sae-A Trade bought Taerim Packaging and Taerim Paper for USD 553.5m (KRW 750bn) in 2020 and Jeonju Paper for USD 479.7m (KRW 650bn) in 2023 through Taerim Paper subsidiary T&J Investment
Global Sea Group holds about 20 subsidiaries across apparel, construction and paper, with 2025 group revenue just under USD 5.17bn (KRW 7 trillion)

Global Sea Group

Sources itnk.co.kr KO