Hanwha L&C said Tuesday that it acquired U.S. plastics company Azdel for US$65 million. Founded in 1972, Azdel makes high-performance plastic composites for automobile parts, and is a market leader in the U.S. for low-weight reinforced thermoplastics (LWRT) for car headliners and glass mat thermoplastics (GMT) for car bumpers.
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Hanwha L&C president Choi Woong-jin shakes hands with Victoria Holt (right), senior vice president of PPG Industries, and Gregory Adams (left), vice president of SABIC Innovative Plastics, after signing a deal to acquire U.S. plastics company Azdel on Tuesday. /Yonhap
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"The acquisition is the first tangible product of a goal to increase overseas sales to 40 percent by 2011 from the current 10 percent," Hanwha said. "The goal was proposed by chairman Kim Seung-youn at a strategic meeting for overseas business in January."
Korea¡¯s 10th largest industrial conglomerate said that the purchase of Azdel makes the Hanwha L&C subsidiary the world¡¯s largest GMT maker and it lays the foundation for a global network to supply auto parts and materials to automakers worldwide.
(englishnews@chosun.com )
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