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Honam Petrochemical and KP Chemical to merge into Lotte Chemical Corporation   4  

January 11/2013

MOSCOW (MRC) -- A major South Korean pertochemical and polymer producer, Honam Petrochemical, and one of the largest South Korean PET and PTA producer, KP Chemical, has decided to merge into a new company with a new name Lotte Chemical Corporation, wrote Soo Young Huh, the President and CEO of Lotte Chemical Corporation, in his letter to the company's business partners.

After undergoing a sizable growth, Honam Petrochemical Corp and Kp Chemical Corporation took one step further through a merger between the two companies, which was effective as of December 27, 2012.

The name of the new company will be LOTTE CHEMICAL Corporation. The newly formed company believes that this move will strengthen its position both in domestic and international markets and is in a line with Lotte Chemical's strategy to become a leading global company.

Honam Petrochemical Corporation is a South Korean producer of petrochemicals and polymers with its businesses comprising of polyethylene (PE), high density polyethylene (HDPE), polypropylene (PP), mono ethylene glycol (MEG), ethylene, propylene, benzene, compound polypropylene, and other petrochemical products, providing plastics, synthetics and basic chemicals. It holds the largest shares in HDPE, polyethylene and MEG in the Korean market. The company also supplies its production to the Russian market. As per MRC DataScope, in January-November, 2012, the import volumes of polymers by Honam Petrochemical to Russia amounted to about 36,000 tonnes, out of which PE makes 25,346 tonnes, PP - 5,326 tonnes, PET - 5120 tonnes. It is worth noting that in 2011 the company did not deliver its material to the Russian market.

KP Chemical Corporation is one of the largest Soth Korean polymer companies, which annually produces 740,000 tonnes of paraxylene, 955,000 tonnes of PTA and 446,000tons of PET by using the vertically combined production system established in the Ulsan Plant Complexes 1 and 2. More than 90% of the company's products are exported throughout the world. The major markets pioneered through the company's robust sales network are China, Russia and Europe. According to MRC DataScope, the import volumes of KP Chemical to Russia declined almost twice in January-November, 2012, and amounted to 31,400 tonness, while during the same period of 2011, this index made about 61,000 tonness. Despite the sharp decline in sales in Russia, KP Chemical continues to occupy the leading position among foreign producers in the Russian PET market.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, PET, MEG, HDPE, terephthalic acid, Honam Petrochemical, KP Chemical, U. Koreya.
Category:General News
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