Merger Completion
Lotte Chemical Corp. has finalized the takeover of Samsung Group’s chemical units.The company said that it paid for money to acquire Samsung SDI Chemical on Apr. 29 and completed the acquisition of Samsung Group’s chemical businesses in about six months after the announcement of “Big Deal” in Oct. last year.
Samsung Fine Chemicals, which was completely taken over by Lotte in Feb., changed its name to Lotte Fine Chemical, while SDI Chemical, which completed the acquisition process on the 29th, changed its name to Lotte Advanced Materials through the general meeting of stockholders.
Lee Ja-hyeong, former head of the production division of at Lotte Chemical, which is formerly known as Honam Petrochemical Corp., is appointed as new CEO of Lotte Advanced Materials. Lotte Fine Chemical CEO Oh Sung-yup, who was named in Feb., joined Lotte Chemical in 1985, worked at the finance team and served as the head of the planning division and business management division at the company.
Lotte Chemical CEO and President Huh Soo-young said, “As the company successfully completed the takeover of Samsung chemical units, it has gained a foothold to jump into a global leading chemical company. Lotte Chemical has the world class technology in raw materials that is used to produce synthetic resins. So, the latest acquisition will help the company expand high value added product lineups through the vertical integration in the petrochemical sector.”
Combining 11.7 trillion won (US$10.26 billion) of Lotte Chemical’s consolidated sales last year and 4 trillion won (US$3.51 billion) of acquired company, its sales in the petrochemical division will reach 16 trillion won (US$14.03 billion.)