Kumho Petrochemical Sells Stake in Chinese Joint Venture 'Latex Factory'
Kumho Petrochemical has sold its stake in a latex factory it has operated in partnership with a Chinese company since 2009.
According to industry sources on the 15th, Kumho Petrochemical signed a contract in January this year to sell its 50% stake in Rizhao Kumho Jinma Chemical Co., Ltd. to the joint venture partner, Rizhao Jinma Group. The share sale process has been completed.
Rizhao Kumho Jinma Chemical, located in Rizhao City, Shandong Province, produces styrene-butadiene (SB) latex used as a coating material for paper, as well as for manufacturing carpets, asphalt modifiers, and tire cords.
Kumho Petrochemical is reported to have decided to exit the business considering the increasing environmental regulations in China and the additional costs required for facility investments.
Hot Picks Today
Dramatic Agreement Reached on Eve of Samsung Electronics General Strike... Minister Kim Young-hoon: "Showcased Korea's Strength in Dialogue" (Update)
- "It Has Now Crossed Borders": No Vaccine or Treatment as Bundibugyo Ebola Variant Spreads [Reading Science]
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- "Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
Kumho Petrochemical and Rizhao Jinma Group invested a total of 40 million USD with a 50-50 stake to complete the factory in 2009.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
