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Honam Petrochemical to pick up stake in subsidiary
19 April 2011: Honam Petrochemical Corporation is likely to acquire minority shareholders in subsidiary KP Chemical Corporation during 2011.
KP Chemical, which is 52 per cent owned by Honam, has production bases in Korea, UK and Pakistan. This step will enable to company to grow from its position as South Korea’s second-biggest ethylene producer. The company is investing in rising demand for low- carbon energy business as governments tighten regulations on emissions. Honam acquired Malaysia’s Titan Chemicals Corp. in 2010 for 1.5 trillion won and plans to partner USA’s ZBB Energy Corp. to move into the energy -storage business.
Source: Plasticsindia