POINTERS
New Korean naphtha giant created
Korea´s LG Chem (Seoul; www.lgchem.com) and Honam Petrochemical groups (www.hpc.co.kr/eng) have jointly acquired Hyundai Petrochemical Corporation on a 50:50 basis for USD 1.5 bn. The company had been in the hands of its creditor banks since 2001. The duo outbid the other final contender, Koch Industries (Wichita, Kansas; www.kochind.com), to which polyester producer KoSa belongs. Naphtha activities of all three companies are to be merged to create Asia´s biggest producer of this key petrochemical starting material and the world´s ninth biggest with annual capacity of 2.5m t.
20.02.2003 Plasteurope.com [15019]
Published on 20.02.2003