Lotte Advanced Materials, a subsidiary of Lotte Chemical, has made the leap to one of the world's top five engineered stone (artificial marble) companies by completing an M&A deal worth 123.4 billion won (US$110.1 million).
Lotte Chemical announced on July 17 that Lotte Advanced Materials will acquire a 72.5 percent stake in Belenco, the market leader in engineered stone in Turkey.
Located in the Manis Organized Industrial Zone (OIZ), a 30-minutes drive from Izmir, one of the three major cities in Turkey, Belenko has two production lines that can produce 230,000 sheets of artificial marble a year.
Lotte Advanced Materials has a factory with an engineered stone production capacity of 90,000 sheets in Yeosu, South Jeolla Province. The company intends to become one of the top five global players by making additional investment in the acquired company’s facilities.
Lotte Advanced Materials plans to invest aggressively in the specialty chemicals business at home and abroad. "With this acquisition, we have secured a bridgehead to advance into high-end interior material markets of developed countries such as the United States," a company official said.