Wacker Buys Silicone Production Plant in South Korea
Wacker Chemie AG subsidiary Wacker Chemicals Korea is acquiring the Lucky Silicone brand from Henkel Technologies (Korea) Ltd. The two companies announced a purchase agreement, effective on Thursday. The transaction still requires antitrust approval.
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 €20 million with Lucky Silicone products.
