SEOUL, KOREA - LG Chem has plunged into a fray to acquire Woongjin Chemical, a Woongjin Group affiliate. According to investment banking sources on May 13, LG Chem has appointed Samil PwC and Lee & Ko LLC as financial and legal consultants, respectively, in a bid to take over Woongjin Chemical.
Established originally in 1972 as Cheil Synthetics, it became a Saehan Group company in 1997 before being part of Woongjin Group in 2008. Woongjin Chemical produces synthetic fibers such as polyester and membrane filters for water purifiers. The company's sales revenue last year was 1,110.4 billion won with an operation profit of 28.5 billion won.
Other contenders for Woongjin Chemical include Toray Advanced Materials Korea, Huvis, GS Group, Hyosung Group, Cheil Industries, and TK Chemical, a Samra Midas affiliate. Of these, Toray Advanced Materials and Huvis have already made it official by selecting principal underwriters for the deal.
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