Sambak LFT Changes Company Name to 'Lotte Engineering Plastic'

SamBak LFT, a functional advanced materials production subsidiary of Lotte Chemical, announced on the 30th that it held an extraordinary general meeting of shareholders on the 3rd and approved the proposal to change its existing company name to 'Lotte Engineering Plastics.'

Lotte Engineering Plastics reflects its core product, 'Engineering Plastics (EP),' in its company name, signifying its intention to grow into a specialized functional materials manufacturing company by expanding its business areas.

Lotte Engineering Plastics plans to invest more than 300 billion KRW by 2026 to build the largest single compounding plant in Korea with an annual capacity of 500,000 tons in the Yulchon Industrial Complex, Jeonnam. Construction began in April, with operations targeted for the second half of 2025, and production capacity is planned to expand up to 700,000 tons.

Heun Ki Lee, CEO of Lotte Chemical, stated, "This name change will serve as a milestone for Lotte Chemical Group to grow into a specialty materials company," adding, "Through continuous investment expansion and strengthening of diverse portfolios, we will leap forward as the global No.1 functional advanced materials company."