Sambark LFT rebranded as Lotte Engineering Plastics

Sambark LFT Co., a plastic materials producing unit of Lotte Chemical Corp., has changed its name to Lotte Engineering Plastics Co., the company said on Monday.

Sambark was established in January 2000 and acquired by Lotte Chemical in October 2009.

It produces automotive performance materials such as long fiber reinforced thermoplastics (LFT) that can replace metal components. Hyundai Motor Co. and Kia Corp., South Korea's two largest carmakers, are among its major customers.

Its name change reflects the company’s ambition to expand in the performance materials market for home appliances and electronic goods, it said in a statement.

It broke ground on South Korea’s largest plastic compounding plant in the Yulchon Industrial Complex in South Jeolla Province in April this year.

The factory will process raw plastic materials for specialty plastics production from the second half of 2025, if all goes as planned.

It plans to spend around 300 billion won ($230 million) on the plant construction with a capacity of 500,000 tons that could rise to a maximum 700,000 tons going forward, it said.

Write to Hyung-Kyu Kim at khk@hankyung.com
 

Yeonhee Kim edited this article