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Hanwha General Chemicals renamed Hanwha Impact in line with its new strategy

October 19/2021

MOSCOW (MRC) -- Hanwha General Chemicals, the chemical affiliate of Hanwha Group, has recently announced a new company name, Hanwha Impact, as it seeks to shift its identity to focus on future-oriented, green business fields, according to The Korea Herald.

The new name reflects its new vision to create a positive impact on humanity and the earth through technological innovations, explained the company.

To execute the vision, Hanwha Impact will increase what it called impact investing, investing in companies that try to make a positive impact on the society and environment.

Hanwha is looking into hydrogen-fueled vehicles, next-generation data storage technologies for sustainable infrastructure and bio-related IT projects that help improve human health, among others, it added.

Established in 1974, then as a Samsung Group company, Hanwha General Chemical was the first company in South Korea to localize production of purified terephthalic acid, or PTA, a primary component for many types of polyester.

Aiming to transform into a green energy firm, with a particular focus on hydrogen, the firm has recently acquired two firms - Power Systems Manufacturing in the United States and Thomassen Energy in the Netherlands - which holds hydrogen-based energy conversion solutions, considered more environmentally benign than traditional energy systems.

Hanwha Impact was among the four former Samsung Group companies acquired by Hanwha Group in the 2015 mega deal, worth nearly 2 trillion won (USD1.73 billion). Hanwha Group acquired 24.1% of Hanwha Impacts remaining shares for 1 trillion won in June this year.

As MRC reported earlier, in July 2020, Lotte Chemical and Hanwha General Chemical entered into an agreement, in which Hanwha will supply 450,000 t/y of PTA to Lotte, effective July. In order to meet its supply obligation, Hanwha  restarted PTA production at its No. 2 plant in Ulsan, S. Korea, which had been idle. Hanwha owns Korea's "largest" PTA facility with a capacity of 2-million t/y, Lotte noted.

PTA is used to produce polyethylene terephthalate (PET), which is used in the manufacturing of plastic bottles, films, packaging containers, in the textile and food industries.

According to MRC's ScanPlast report, the total estimated PET consumption in Russia reached 65,350 tonnes in August, 2021,, up by 19% year on year. Russia's overall estimated PET consumption increased in the first eight months of 2021 by 12% year on year to 535,610 tonnes.
Author:Margaret Volkova
Tags:PET-granulate, terephthalic acid, gas processing, petrochemistry, packaging, Hanwha Corporation, Honam Petrochemical, Lotte Chemical, sustainable development, South Korea.
Category:General News
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