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Lotte changes company name after takeover

All News 11:23 February 29, 2016

By Kang Yoon-seung

SEOUL, Feb. 29 (Yonhap) -- Lotte Group said Monday that it changed the name of a chemical unit that it took over from Samsung Group, the latest in its steps to wrap up the 3-trillion won (US$2.41 billion) merger.

Retail and chemicals giant Lotte Group took over Samsung Fine Chemicals Co., Samsung BP Chemicals Co. and Samsung SDI Co.'s chemical unit, as part of an effort to further strengthen its chemicals business.

Samsung Fine Chemicals was renamed Lotte Fine Chemicals Co., according to the group.

The deal came around a year after Samsung sold four of its defense and chemical units to Hanwha Group in 2014 through a deal estimated at 1.9 trillion won.

Samsung, the country's top conglomerate, has been making efforts to reorganize and streamline its business structure, especially after the family-controlled conglomerate's de facto head Lee Kun-hee has remained bedridden since May 2014.

Since, the group has been making various efforts to pave the way for the management inheritance to his only son Jae-yong.

colin@yna.co.kr
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