Daelim, Hanwha Voluntarily Merge Petrochemicals Units

Korea Times (Seoul, Korea), April 14, 1999 | Go to article overview

Daelim, Hanwha Voluntarily Merge Petrochemicals Units


Daelim and Hanwha yesterday announced a plan to merge their petrochemical units in what is regarded as the first case of ``voluntary'' swapping of major businesses among conglomerates.

Under the deal, the naphtha-cracking center of Daelim Industrial Co. will be separated and merged with Hanwha Chemical Corp. for creating Asia's second largest naphtha-cracking enterprise.

The initial terms of the deal was unveiled yesterday in a ceremony attended by Daelim chairman Lee Joon-yong, Hanwha chairman Kim Seung-yeon, Hanvit Bank president Kim Jin-man and Sohn Byung-doo, deputy executive chairman of the Federation of Korean Industries, at the Raddisson Plaza Hotel.

Industry analysts said the agreement should have a major impact on not only speedier realigning of the petrochemical industry but the Koran industry as a whole since it was achieved without government pressure.

According to the announcement, the two companies will have 50:50 ownership in the new naphtha-cracking firm and all current workers will be reemployed, Hanwha officials explained.

Daelim will take over Hanwha's polyprophylene factory while converting 50 percent of its production lines for line-type low-density polyethylene (L-LDPE) are converted into facilities for high-density PE (HDPE).

At the same time, Hanwha will take over 50 percent of the facilities for the production of LDPE and L-LDPE and convert its existing lines for HDPE for manufacturing LDPE, the officials said.

As a result Daelim will transform into a specialist in the production of polyprophylene and HDPE while Hanwha concentrates on LDPE and L-LDPE, thus converting competition into close collaboration. …

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