Grainger divests South Korean partnership

W.W. Grainger, Lincolnshire, Ill., has divested its 49 percent share in MRO Korea, selling its stake to affiliates of its former ownership partner, SK Networks, for $12 million. Grainger didn’t give its reasons for getting out of the venture, but said the new ownership will pursue a new business model for MRO Korea that will turn it into “a social enterprise focused on job creation for the underprivileged.” In its release, Grainger said it will continue to expand its presence in the Asian markets with its three remaining operations there, Grainger China, Grainger India and a 53 percent interest in MonotaRO in Japan, as well as its export business and network of resellers in the region.