Sector News

Lotte to buy Samsung's chemical assets

October 29, 2015
Chemical Value Chain

(Reuters) – South Korean conglomerate Lotte Group will acquire Samsung Group’s chemical businesses for more than 3 trillion won ($2.63 billion), Korea Economic Daily reported on Thursday citing unnamed sources.

The newspaper said Lotte Group affiliate Lotte Chemical Corp will acquire various assets, including a 31 percent stake in Samsung Fine Chemicals and 90 percent of Samsung SDI Co Ltd’s chemicals business.

Samsung SDI said it is in talks with Lotte Chemical for a potential sale of its chemical business without disclosing further details. Lotte Group, South Korea’s fifth-largest conglomerate, declined to comment, while Lotte Chemical and Samsung Group did not immediately comment.

Samsung Fine Chemicals could not be reached for comment.

Samsung Group has been exiting non-core businesses since last year, when the company said it would sell stakes in four affiliates in the defense and chemical sectors to Hanwha Group, another local conglomerate.

Other affiliates such as Samsung Electronics Co Ltd and Samsung Electro-Mechanics Co Ltd are getting out of businesses with dim growth outlook, as well.

($1 = 1,141.9900 won) (Reporting by Se Young Lee and Joyce Lee; Editing by Simon Cameron-Moore)

comments closed

Related News

February 4, 2023

Eastman acquires performance films company Ai-Red Technology

Chemical Value Chain

Eastman Chemical Co. (Kingsport, Tenn.) announced it has acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.

February 4, 2023

BASF and StePac partner on chemical recycling MAP packs to fight food waste

Chemical Value Chain

BASF and Israeli packager StePac have joined forces to create the “next generation” of fresh produce packaging. BASF will provide StePac with greater flexibility to advance contact-sensitive packaging formats to a higher sustainability standard by supplying StePac with Ultramid Ccycled – a chemically recycled polyamide 6.

February 4, 2023

TotalEnergies and Intraplás partner on food-grade renewable biopolymer production

Chemical Value Chain

TotalEnergies’ biorefinery in La Mède, France, allows direct access to renewable feedstock for its drop-in RE:newable polymer range derived from bio-based products. The company claims these polymers retain virgin-like properties.

How can we help you?

We're easy to reach