Lotte Chemical has acquired Vietnamese high-tech material company Vina Polytech
17:03 | 11/08/2020 Print Article
Lotte Chemical has recently acquired Vina Polytech to realise its vision of becoming the seventh-largest chemical company in the world, as reported by businesskorea.co.kr.
|Lotte Chemical took over Vina Polytech to diversify its overseas business portfolio |
Lotte Chemical has spent billions of won on the acquisition of Vina Polytech which produces materials for home appliances and mobile products. The acquisition is aimed at diversifying Lotte Chemical's overseas business portfolio, ranging from basic to high-tech materials.
Established in May 2010, Vina Polytech manufactures PC plastic and ABS plastic pellets. Located in Bac Ninh Industrial Zone, the company has registered investment capital and charter capital of $1.2 million.
Shortly after the acquisition of Vina Polytech, Lotte Chemical set up a local corporation in Indonesia under the name of PT Lotte Chemical Engineering Plastic Indonesia. It established the company to build a compounding product plant that produces high-tech materials for automobiles. Lotte Chemical has expanded its business in Southeast Asia, which had previously been focusing on basic materials, to include high-tech materials.