Taekwang Industrial to Acquire Full Ownership of TL Chemical—Buys LG Chem Stake

(Seoul=Yonhap Infomax) Pil Joong Jeong = Taekwang Industrial Co., Ltd. announced on the 24th that it will acquire all shares held by LG Chem Ltd. in their joint venture, TL Chemical Co., Ltd., making it a wholly owned subsidiary.

The company disclosed that it will purchase 1.48 million shares for a total consideration of 49.1 billion won ($37.7 million).

Upon completion of the transaction, TL Chemical will become a full subsidiary of Taekwang Industrial. The acquisition is scheduled to be finalized by December this year.

TL Chemical was established as a joint venture between Taekwang Industrial (60% stake) and LG Chem (40% stake) to expand acrylonitrile (AN) production capacity.

joongjp@yna.co.kr

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