January 03, 2001 in Social Responsibility News

SAMSUNG General Chemicals sold PTA Unit to Samsung Petrochemical

Samsung General Chemicals(SGC) has completed its corporate rstructuring with the sale of its purified terephthalic acid(PTA) business division for 300 billion won. The sale to British Petroleum(BP) of the PTA plant, with an annual production capacity of 400,000 tons, increased the cash flow to 1.1 trillion won. The completion of the sale of the PTA facilities means that we are able to reduce our debt-to-equity ratio to below 190 percent by the end of the year. The sales of the business division was realized through Samsung Petrochemical, a joint venture between Samsung and BP, as BP is bidding to increase PTA's market share in Asia. Prior to the latest deal, SGC sold power generation and other utilities units for 310 billion won and conducted a new rights offering worth 250 billion won. These concerted effort at increasing our cash flow have raised a total of 1.1 trillion won, most of which is being used to pay off our debts. Samsung Petrochemical would surpass Samnam Petrochemical as the country's largest PTA manufacturer with the sale which would boost Samsung Petrochemical's annual PTA output to 1.4 million tones per year.


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