Korean Firm Acquires U.K. Plastics Recycler

Lotte Chemical UK Ltd., a subsidiary of KP Chemical Corp., an affiliate of South Korea’s Lotte Group, has acquired the assets of Artenius UK Ltd., which had been idled since last year.

The asset sale is subject to European Commission competition clearance, and will result in the transfer of all the operational assets of Artenius UK, including both the PTA and PET manufacturing facilities at Wilton, Teesside, U.K., to Lotte Chemical.

To facilitate the purchase, regional development agency One North East approved a Grant for Business Investment of £1.8m (US$2.821 million) to help LCUK acquire the AUK assets.

“LCUK looks forward to a long and successful partnership with key suppliers and customers in Europe, this acquisition represents the next steps in the globalization plans of the Lotte Group, which intends to reach around $40 billion turnover in its chemical division over the next eight years,” says Soo-Young Huh, CEO and president of KP Chemical Corp.