S Korea's NACF acquires Namhae Chem

Author: Leslie Chua

1998/08/11

SINGAPORE (CNI)--South Korea's National Agricultural Co-operative Federation (NACF) has acquired state-owned chemical fertiliser company, Namhae Chemical Corp, CNI was told Tuesday.

The NACF reached an agreement on this Won300bn ($224.22m) acquisition with the Ministry of Agriculture and Forestry on Monday (10 August).

A Ministry official said this is the first company sale under the government's recently announced privatisation programme.

Namhae, which produces some 64% of South Korea's total chemical fertiliser needs, operates four facilities in Yeochon, south of the country.

These include two nitrogen-phosphorus-potassium (NPK) mixture plants, with a combined capacity of 1.36m tonne/year, a 600 000 tonne/year ammonia unit and a 660 000 tonne/year urea facility.