Hyosung to sell its specialty gas unit for $943 mn to Korean PEs

Quick Summary:

South Korea’s Hyosung Group is poised to sell a 100% stake in its specialty and industrial gas unit to a consortium led by IMM Private Equity Inc.and STIC Investments Inc.for 1.3 trillion won ($943.3 million) to improve the financial health of the conglomerate’s debt-ridden chemicals unit.Hyosung Chemical Corp.said on Thursday that Swiss investment bank UBS and state-run Korea Development Bank, the sale's lead managers, have named the domestic consortium as the preferred bidder.

Chinese chemicals makers aggressively expanded their market share with low-cost polypropylene (PP) and terephthalic acid (TPA), Hyosung Chemical’s core products, while the Korean company struggled to operate the Vietnamese plant.

In May, Hyosung Chemical and Abu Dhabi National Oil Company (ADNOC) signed an MOU to jointly invest in the Vietnamese unit and use LPG from the Emirati oil giant to produce chemicals.

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Category: Economy

Markets: South KoreaChinaMaliUkraineVietnam

Topics: Industrial Specialty Billion Hyosung Chemicals Unit Vietnamese Korean Chemical Trillion Financial

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-12 @ 14:46:28 (4 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 434 words

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News ID: 21645831

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