Lotte Chemical finalizes takeover of Samsung Group’s chemical units

03-May-16

Lotte Chemical Corp. has finalized the takeover of Samsung Group’s chemical units. Lotte has paid to acquire Samsung SDI Chemical on Apr. 29 and completed the acquisition of Samsung Group’s chemical businesses in about six months after the announcement of “Big Deal” in Oct. 2015, as per businesskorea.co.kr. Samsung Fine Chemicals, which was completely taken over by Lotte in Feb., changed its name to Lotte Fine Chemical, while SDI Chemical, which completed the acquisition process on the 29th, changed its name to Lotte Advanced Materials through the general meeting of stockholders. Lotte Chemical CEO and President Huh Soo-young said, “As the company successfully completed the takeover of Samsung chemical units, it has gained a foothold to jump into a global leading chemical company. Lotte Chemical has the world class technology in raw materials that is used to produce synthetic resins. So, the latest acquisition will help the company expand high value added product lineups through the vertical integration in the petrochemical sector.”