Hanwha Chemical said on July 19 that it established Hanwha Compound by merging Hanwha Next with the former.
The market for chemical compounds such as automotive and electronic parts and construction materials has grown at an annual rate of 6 percent since 2007, primarily because of the rising demand for lightweight components from auto manufacturers. The makers of smartphones, tablet computers, and construction materials are also increasingly demanding more high-tech chemical compounds.
The combined entity will produce chemicals such as polyethylene, polyprophylene, polyvinyl chloride, and ABS (acrylonitrile butadiene styrene) in its plants in Yeosu and Suncheon with an annual capacity of 100,000 tons. Hanwha Chemical appointed Chung Yoon-hwan, current president of Hanwha Compound, as the new company's head.
Having completed its acquisition of Samsung units including Samsung Total and Samsung General Chemical, Hanwha Group is now focusing on increasing the competitiveness of its units by creating synergies.
For example, Hanwha General Chemical (formerly Samsung General Chemical) is in talks with Hanwha's chemical plants located in Ulsan to expand the range of supply joint purchasing while sharing utilities such as electricity and water. The 220 white-collar workers of Hanwha Total and Hanwha General Chemical have started working at Hanwha's headquarters building in downtown Seoul beginning on July 13.
