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Honam completes acquisition of 72.3% stake in Titan Chemicals

November 12/2010

(Plastemart) -- South Korea's number two ethylene maker Honam Petrochemical has acquired 72.3% stake in Malaysia's Titan Chemicals. Honam completed a payment of  $990 million for stakes in Titan on November 9 and gained the managerial right.


The deal marks Honam's third acquisition, following Hyundai Petrochemical in 2003 and KP Chemical in 2004. Titan is Malaysia's largest integrated olefins and polyolefins producer, and one of the top 30 companies in Malaysia by asset size.


It has capacity to produce 1.2 mln tpa of olefins, 1.5 mln tpa of polyolefins, 0.2 mln tpa of aromatics, 0.1 mln tpa of butadiene and 38,000 tpa of BOPP film through facilities and plants located in Malaysia and Indonesia.


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Honam completes acquisition of 72.3% stake in Titan Chemicals

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