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[Alpha Biz=(Chicago) Reporter Kim Jisun] The LG Chem is considering selling its second naphtha cracking facility (NCC) in Yeosu, South Jeolla Province.
Due to the sluggish petrochemical industry, LG Chem is determined to focus on growing its 'business' through choice and concentration.
According to industry sources on the 2nd, LG Chem is considering ways to clean up its business division, including the sale of its Yeosu NCC 2 plant.
"We will boldly and proactively make structural reforms for marginal businesses," Roh Kook-hae, head of LG Chem's petrochemical business division, said in an e-mail to executives and employees on the 19th of last month. "We cannot delay restructuring of marginal businesses that are not competitive among general-purpose businesses." "We will reorganize our business structure through long-term shutdown, business withdrawal, and trading assetization, and push for the relocation of manpower accordingly," he said.
The NCC 2 plant is an ethylene and propylene production facility in the Jungheung-dong Industrial Complex in Yeosu, Jeollanam-do.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
