15 March 2010 17:37 [Source: ICIS news]
LONDON (ICIS news)--Lotte Chemical UK’s start-up of its purified terephthalic acid (PTA) and polyethylene terephthalate (PET) plant at Wilton will bring further competition and offer more choice to the industry, said NY Lee, the company's CEO, on Monday.
Lotte Chemical UK, a subsidiary of KP Chemical Corporation, bought Artenius ?xml:namespace>
“The European market is very balanced…. I think this new capacity will allow more choice to PTA and PET buyers, while bringing more competition in the territory. Demand will also go up in
Lotte Chemical UK’s priority, now that it was well placed in
Lee added that after the company stabilised the existing plant, it would make further acquisitions across
"In pursuing the globalisation of Lotte Group, we certainly have the intention to make further acquisitions in the future - however, it would depend on the situation of the worldwide economy," Lee said
He confirmed that so far no decisions on acquisition targets had been made.
At the time of the Artenius takeover, KP Chemical's CEO and president, Soo-Young Huh, said that Lotte Group intended to reach around $40bn (€29bn) turnover in its chemical division over the next eight years.
Lee said that there been no problems in securing feedstock for the
($1 = €0.73)
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