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Honam Petrochemical to buy out minority shareholders in subsidiary KP Chemical

April 18/2011

(Plastemart) -- As it seeks expansion and revenue growth in Asia, Honam Petrochemical Corp. has planned to buy out minority shareholders in subsidiary KP Chemical Corp. this year. KP Chemical, which is 52% owned by Honam, has production bases in Korea, UK and Pakistan This step will enable to company to grow from its position as South Koreas second-biggest ethylene producer.


Honam, which targets sales of USD 37 bln by 2018 from an estimated 14 trillion won this year, is diversifying its product range. The company is investing in rising demand for low- carbon energy business as governments tighten regulations on emissions. Honam acquired Malaysias Titan Chemicals Corp. in 2010 for 1.5 trillion won and plans to partner USAs ZBB Energy Corp. to move into the energy -storage business.


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