'First Petrochemical Business Restructuring'... H&L Advanced Begins Full-Scale Operation

[Financial News] H&L Advanced, the 'first petrochemical business restructuring,' has officially launched.
HD HYUNDAI CHEMICAL CO., LTD. announced on the 4th that it has absorbed and merged with LOTTE DAESAN PETROCHEM CORPORATION and changed the name of the integrated entity to H&L Advanced. HD Hyundai Oilbank and Lotte Chemical Corporation each hold a 50% stake.
Approximately 180 key executives and employees attended the launch ceremony of H&L Advanced held at the Daesan Plant in Seosan, South Chungcheong Province on this day, including H&L Advanced co-CEOs Cho Nam-soo and Cheon Yang-sik, Lotte Group Chemical Group General Manager Lee Young-joon, and HD Hyundai Oilbank CEO Song Myung-jun.
H&L Advanced is an integrated corporation launched through the 'Daesan Project No. 1,' which was promoted to restructure the domestic petrochemical industry.
H&L Advanced plans to optimize the entire process, from raw material procurement to product manufacturing, by organically linking the competitiveness of the refining and petrochemical sectors. In the mid-to-long term, it plans to expand its business portfolio focusing on specialty materials and eco-friendly products.
Song Myung-jun, CEO of HD Hyundai Oilbank, said, "I hope H&L Advanced will become a starting point that opens up new possibilities for the petrochemical industry."
Lee Young-jun, Head of Lotte Group’s Chemical Group, stated, "Lotte and HD Hyundai have chosen the path of integration to secure the competitiveness of the Daesan business, based on the trust and cooperation built through the operation of their joint ventures," adding, "We look forward to the effective combination of the two companies' capabilities leading to meaningful results across production and operations."

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