Lotte Chemical Corp. took its first steps in the petrochemical business through the Yeosu Petrochemistry Industrial Complex in 1976. This led to the growth of the petrochemical industry in Korea through the localization of high technology and consistent technological development.
Lotte Chemical took over Complex 2 of Hyundai Petrochemical Corporation and KP Chemical in 2003 and 2004, respectively, while taking over Titan, a Malaysian petrochemical business, in 2010. Moreover, it expanded the competence of its overseas business by establishing a local corporate body called HPM Alabama Corporation in the U.S. in 2012.
Based on the capability of a stable factory operation and flexible marketing strategy, it realized the largest accomplishment with 1 trillion won in profit in 2011. Meanwhile, it changed its name to Lotte Chemical Corporation on Dec. 27, 2012 through a merger with KP Chemical. Since then, it has been getting closer toward the achievement of its vision to be a global business, as well as the best petrochemical company in Asia.
Lotte Group, the fifth largest business corporation in South Korea, proclaimed “an era of second generation management” led by newly-appointed Chairman Shin Dong-bin.
Lotte Group announced on Feb. 9, 2011 that former Chairman Shin Kyuk-ho would be taking the post of Executive Chairman, leaving the Chairman title open for his second son and former Vice Chairman Shin Dong-bin. This promotion came 21 years after Shin Dong-bin’s entry into Lotte and 14 years after his promotion to Vice Chairman. Thus, Lotte Group has achieved second-generation management 44 years after the company was established in 1967.
The promotion was taken to be the founder for his final stamp of approval on the succession structure. This was predicted long ago, when eldest son Shin Dong-joo took the Vice Chairman post at Lotte in Japan while the second son, Shin Dong-bin, took the same post in Korea.
New Chairman Shin led the group to expand its overseas operation since his promotion.
Lotte Group said on May 30 that it had signed a contract to buy the New York Palace Hotel in Manhattan for $805 million from real estate management firm Northwood Investors.
Hotel Lotte Co Ltd, an unlisted unit of Lotte Group, will lead the formation of a new company that will acquire and operate the Palace, a Lotte Group spokeswoman said.
"Hotel Lotte is a company that has been actively entering markets abroad. We have continuously been looking for fitting M&A opportunities and we have found one in New York with symbolic significance," the spokeswoman said.
The company has been opening and buying hotels in Russia, Vietnam, Uzbekistan and Guam since 2010. It is also in the process of building hotels in China and Myanmar.
Since its foundation in 1976, Lotte Chemical has pioneered the virtually unexplored petrochemical industry in Korea, serving as a comprehensive petrochemical company by contributing to the establishment of an affluent life for humanity through the steady development of higher technologies that enable us to provide customers with the products and services they love and trust.
“Our company has played a pivotal role in the development of the key industries of Korea for more than 30 years based on single-minded determination, creative thinking, and burning passion,” according to the company. “With our customers’ abiding faith and trust in us, we put customer value before everything else and make environmental stewardship and safety our very first priority to fulfill our responsibilities as a first-class company that works for humanity’s well-being and future value by pursuing mutual prosperity of the nation and society.”
As a manufacturer of petrochemical products found everywhere in people’s lives, ranging from basic household items to medical products as well as automobile parts materials and cutting-edge aeronautic materials, Lotte Chemical is putting all its energies into the production of the best products, placing customer trust above all else.
Based on competences accumulated for over 30 years, Lotte Chemical, with its clear goal of becoming Asia’s best chemical company by 2018, will concentrate on increasing its global competitiveness by strongly pushing ahead new growth business while intensively fostering high value-added business and strengthening existing businesses.
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