SEOUL, Nov. 18 (Korea Bizwire) — Lotte Chemical Corp. said Friday it plans to raise 1.1 trillion won (US$824.4 million) in a rights offering as part of efforts to secure funds for its acquisition of a local copper foil maker. Lotte Chemical will issue 8.5 million common shares at a price of 130,000 won per [...]
SEOUL, Nov. 16 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical producer, said Wednesday it is spending 310 billion won (US$234 million) in total to build new facilities for plastic recycling and the production of a thermal insulator component. LG Chem said it is on track to break ground on the plastic pyrolysis [...]
SEOUL, Nov. 16 (Korea Bizwire) – SK Geocentric Co., a South Korean chemical company, said Wednesday it has signed an initial agreement with a British firm to build a plastic pyrolysis plant here, as it accelerates the push for advanced plastic waste recycling. The head of agreement, signed with the London-based Plastic Energy Ltd., commits [...]
SEOUL, Oct. 31 (Korea Bizwire) — LG Chem Ltd. said Monday its third-quarter operating profit grew 23.9 percent from a year earlier on the back of strong battery materials demand that helped offset lackluster performance in the petrochemicals segment. Operating income came to 901.2 billion won (US$638.1 million) in the July-September period, compared with 727.2 [...]
SEOUL, Oct. 28 (Korea Bizwire) — Lotte Fine Chemical Co. is set to import the world’s first commercially-produced clean (blue) ammonia. The company announced on Thursday that it had signed a deal to import 25,000 tons of clean ammonia with Saudi Basic Industries Corp. (SABIC) and Saudi Arabian Mining Co. (Ma’aden) in Riyadh. This clean [...]
SEOUL, Oct. 27 (Korea Bizwire) — SK Geocentric Co., a chemical unit of South Korea’s SK Group, said Thursday it has signed a binding joint venture agreement with a U.S. partner to build a plastic recycling plant here as it pushes to pivot to green chemicals business. The 50:50 joint venture with Purecycle Technologies Inc. [...]
SEOUL, Oct. 24 (Korea Bizwire) — POSCO Chemical Co. said Monday its third quarter net profit jumped 60.5 percent from a year earlier on the back of solid growth in the lucrative battery materials segment. Net income came to 65.6 billion won (US$45.7 million) in the July-September period, compared with a net profit of 40.8 [...]
SEOUL, Oct. 24 (Korea Bizwire) — South Korea’s major petrochemical companies are shutting down their naphtha cracking centers (NCC) for regular maintenance amid a prolonged industrial recession resulting from the global economic slump. LG Chem Ltd. launched regular maintenance of its NCC at Yeosu in South Jeolla Province late last month. In general, regular maintenance [...]
SEOUL, Oct. 21 (Korea Bizwire) — SK Innovation Co., South Korea’s largest oil refinery, said Thursday it will introduce cutting-edge robots at the Ulsan industrial complex, or Ulsan CLX, the company’s flagship refining factory site in the southeastern port city. The new robots at Ulsan CLX include a four-legged walking robot called SPOT as well [...]
SEOUL, Oct. 18 (Korea Bizwire) — LG Chem Ltd., a major South Korean chemicals firm, said Tuesday it plans to take over AVEO Pharmaceuticals Inc., a U.S. bio firm focused on renal cell carcinoma, for US$566 million. In a regulatory filing, LG Chem said it will invest the amount in its U.S. affiliate, LG Chem [...]