Lotte is closing underperforming duty-free stores and event spaces to address financial issues. The company plans to restructure its operations and reduce costs across various subsidiaries as it navigates declining sales.
Lotte Group, rumored to be facing a liquidity crisis, assured investors Thursday that subsidiary Lotte Chemical has enough cash to pay back its debts despite having breached the terms of a loan agreement.
Petrochemicals, previously one of Korea’s three largest export items alongside semiconductors and petroleum products, are stranded between lagging demand and a supply glut.
Lotte Chemical's net profit jumped 94 percent in the first quarter on stabilized raw material prices.
Iljin Materials, a copper foil manufacturer, rebranded itself as Lotte Energy Materials, as Lotte Chemical finalized the acquisition of the company Tuesday.
Lotte Chemical signed a memorandum of understanding (MOU) with CF Industries, the world’s biggest ammonia producer based in the United States, to collaborate on the production and distribution of the gas.
Lotte Chemical swung to red in the fourth quarter of last year, impacted by a rise in global oil prices and sluggish demand for petrochemicals.
Lotte Chemical signed an agreement with Germany’s RWE and Japan’s Mitsubishi Corporation to run a clean ammonia project in Texas.
No Korean company has reported damage from the 7.8 magnitude earthquake that hit southern Turkey and northern Syria on Monday.
Lotte Chemical will sell off its Pakistan subsidiary to a local chemical company for 192.4 billion won ($156 million), in a bid to raise funds to focus on the advanced materials business.
Korea JoongAng Daily Sitemap
