Lotte acquires Quartz-based engineered stone producer in Turkey

Lim Chang-won Reporter Posted : 2019-01-17 16:45 Updated : 2019-01-17 16:45
글씨작게 글씨크게

[Courtesy of Lotte]

SEOUL -- A subsidiary of Lotte Chemical, a chemical unit of South Korea's Lotte Group, has acquired Belenco, a Turkish producer of Quartz-based engineered stones used primarily for kitchen countertops as an alternative to laminate or granite.

Lotte Chemical said Thursday that its engineered stone subsidiary, Lotte Advanced Materials, would acquire a 72.5 percent stake in Belenco for 125 billion won ($111 million). Belenco is capable of producing some 230,000 engineered stone sheets per year.

Engineered stones are made of crushed stones bound together by an adhesive. The quartz-based product, known as quartz surface, is used as premium interior material. Lotte Advanced Chemical can produce 90,000 engineered stones from its plant in the southern port city of Yeosu.

Lotte, the country's fifth largest conglomerate, has unveiled an aggressive five-year plan to spend some 50 trillion won on enhancing its overall competitiveness. The group is expanding chemical facilities at home and abroad to realize economies of scale and increase cost competitiveness.