Lotte goes for name change after takeover

Lotte goes for name change after takeover

Lotte Group said Monday that it changed the name of a chemical unit that it took over from Samsung Group.

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

In 2015, retail and chemicals giant Lotte Group took over Samsung Fine Chemicals for 3 trillion won ($2.4 billion) as part of an effort to further strengthen its chemicals business.

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.

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

Source:  http://www.koreaherald.com/view.php?ud=20160229000630

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