To take advantage of potential profits in China's rapidly expanding polypropylene market, South Korea's second-largest oil refiner - GS Caltex has bought Chinese petrochemical firm Langfang Jiashi Chemical Co. for US$4.3 million. Langfang Jiashi had been a primary polypropylene supplier to South Korea's Hyundai Motor Co., Kia Motors Corp. and LG Electronics Inc. This acquisition will boost Caltex's our presence in the Chinese market, and also expand the company's global market share.
Langfang Jiashi, with an annual production capacity of 2.4 million tons, is located in northeast China at Langfang, a special economic zone between Beijing and Tianjin, a port city in the northeast. Post-acquisition, the Korean major will invest in capacity expansion to 2.9 million tons by December 2007.
28-Jul-06 
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