SEOUL, July 20 (Korea Bizwire) – Hanwha Chemical has launched the unified Hanhwa Compound by merging its chemical compounds business operator Hanhwa Next with Hanwha Compound on July 19.
Chemical compounds are used to make automotive and electronics parts and construction materials, and the merger of the Hanwha units was designed to increase management efficiency by unifying the disputed compounds businesses into one.
The chemical compounds market is growing at an annual rate of six percent, and the automotive industry is expected to use up to 740,000 tons of the synthetic chemicals to increase fuel mileage and to reduce the weight of vehicles.
In addition, chemical compound demand for electronic products such as smartphones and tablet PCs and in the construction materials sector are increasing.
The combined Hanwha Compound will produce chemical resin compounds such as polyethylene (PE), polyprophylene (PP), polyvinyl chloride (PVC), and acrylonitrile butadiene styrene (ABS) at its plants in Yeosu and Suncheon, with an annual capacity of 100,000 tons.
Chung Yoon-hwan, president of Hanwha Compound said, “Through the merger, we will grow as a specialized company producing highly value-added products including engineering plastics (EP) and super engineering plastics (SEP).”
By John Choi (firstname.lastname@example.org)