SEOUL, KOREA - Samsung Petrochemical will enter the carbon fiber market in partnership with Germany's SGL Carbon GmbH. It will inevitably face stiff competition with incumbents like Toray Advanced Materials, Hyosung, and Taekwang. The company said on June 20 it would establish a new company Samsung-SGL Carbon Materials (tentatively named) jointly with the German company. SGL Carbon is one of the world's leading manufacturers of products from carbon, with more than 130 years of history.
The joint venture will have offices in Samsung Group's headquarters building complex in Gangnam and begin importing carbon fiber products from SGL Carbon in the latter half.
Samsung Petrochemical is a company specializing in importation of purified terephthalic acid, a raw material for polyester. The company has suffered a loss of 73.8 billion won last year as major Chinese terephthalic acid producers increased their output. In order to find a new profit source, the company has set out to move into a new area.
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