SEOUL, June 7 (Korea Bizwire) – Lotte Chemical Corp., a major chemicals maker, said Tuesday that it has submitted a bid to take over a U.S.-based chemicals firm to expand its business portfolio.
In a regulatory filing, the company said it has submitted a bid to take over Axiall Corp., a deal estimated at over 3.3 trillion won (US$2.78 billion). No financial details were revealed.
Axiall, a leading U.S. chemicals firm, produces plastics, pulp and paper, packaging, chemical intermediates, and building and home improvement products.
Lotte Chemical said Axiall generated sales of 4 trillion won last year, adding that it was considering a slew of options to finance the acquisition.
Last year, Lotte Chemical announced a $3 billion project to build a chemicals plant in the U.S. along with Axiall.