Wacker Buys Silicone Production Plant in South Korea
As part of the acquisition, Wacker takes over not only the rights to this South Korean brand, but also the production plant in Jincheon (some 100 km south-east of Seoul), including the associated real estate. Additionally, Wacker will assume all the inventories and receivables related to this business. The Munich-based chemical company intends to keep on the site’s existing workforce of some 40 employees. The transaction’s closing is expected before year-end 2010. The Lucky Silicone brand mainly comprises silicone sealants, manufactured and marketed for use in construction and other industries. Last year, Henkel Technologies Korea generated sales of roughly EUR 20 million with Lucky Silicone products.
“This acquisition strengthens both our market presence and supply chain in South Korea,” said Carlos Weise, president of WACKER SILICONES. “The brand is well established in South Korea and Lucky Silicone sealants are sold across the whole country by numerous distributors. As a result, we will be able to substantially expand our access to customers in South Korea.”
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