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Iljin Materials rebrands to Lotte Energy Materials, approves new CEO

Published: 14 Mar. 2023, 18:50

Kim Yeon-seop, former chief strategy officer of Lotte Chemical, was appointed as CEO of Lotte Energy Materials Tuesday, which was rebranded from Iljin Materials Tuesday. [LOTTE CHEMICAL]

Iljin Materials, a copper foil manufacturer, rebranded itself as Lotte Energy Materials, as Lotte Chemical finalized the acquisition of the company Tuesday.

Lotte Energy Materials held an extraordinary shareholders meeting that day at its Iksan plant in South Jeolla to approve the new name and CEO.

Kim Yeon-seop, who was formerly the chief strategy officer at Lotte Chemical, was appointed as the new CEO of Lotte Energy Materials.

Lotte Chemical signed the stock purchase agreement last October to acquire 53.3 percent of the copper coil manufacturer for 2.7 trillion won ($2 billion), and finalized the deal Tuesday.

Lotte Energy Materials is the world's fourth-largest manufacturer of copper foil, a core component in making anodes, which are used in lithium-ion batteries for EVs.

The company has an annual copper foil production capacity of 60,000 tons. The plan is to push up the figure to 230,000 tons by 2027.

BY SHIN HA-NEE [[email protected]]