[Alphabiz=(Chicago) Reporter Kim Jisun] Lotte Chemical announced on the 16th that it has decided to sell a 75.01% stake in LCPL, an overseas subsidiary that produces Purified terephthalic acid (PTA). Lotte Chemical earned nearly 180 billion won in profits from the sale.
The stake in the sale will be acquired by Pakistani chemical company Lucky Core Industries for about 192.4 billion won. Lotte Chemical plans to use the funds it has secured this time for upgrading its petrochemical product line and eco-friendly materials business.
LCPL is a company acquired by Lotte Chemical for about 14.7 billion won in 2009. It has the ability to produce 500,000 tons of PTA per year used in polyester fibers, industrial yarn, and PET bottles.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
