LOTTE Chemical’s subsidiary, SambarkLFT Co., Ltd., hosted a groundbreaking ceremony for its cutting-edge compounding plant at Yulchon Industrial Complex in Jeollanam-do.
The event, which commenced at 3:30 p.m. on Tuesday, the 30th, saw esteemed attendees including Jeollanam-do Governor Kim Young Rok, Jeollanam-do Council Chairman Seo Dong Wook, Suncheon City Mayor No Kwan Gyu, Gwangyang City Deputy Mayor Kim Ki Hong, Gwangyang City Council Chairman Seo Young Bae, Gwangyang Bay Free Economic Zone Authority Chief Song Sang Rak, alongside prominent figures like LOTTE Chemical President & CEO Lee Hun Ki, LOTTE Chemical Advanced Chemicals CEO Lee Young Jun, and SambarkLFT CEO Han Myung Jin. They came together to commemorate the groundbreaking, marking a significant step towards SambarkLFT’s vision of becoming a global leader in comprehensive material production.
SambarkLFT’s journey towards this milestone began with a strategic agreement signed in 2021 with Suncheon City, Gwangyang City, and the Gwangyang Free Economic Zone Authority. This pact aimed to elevate their material business and bolster production technology capabilities, culminating in a substantial investment of KRW 450 billion in a sprawling 246,871 square meters of land within Yulchon 1 Industrial Complex. Following the land acquisition in May 2022, meticulous planning and design ensued, leading to the groundbreaking ceremony, signaling the start of operations slated for the latter half of 2025.
LOTTE Chemical President & CEO Lee Hun Ki outlined an ambitious investment plan, surpassing 300 billion KRW by 2026, to erect a compound production plant capable of yielding 500,000 tons annually. This endeavor positions them as the foremost domestic operator and a global frontrunner in advanced functional materials. Additionally, a commitment to local talent acquisition and economic contribution underscores their dedication to regional development in tandem with Jeollanam-do.
Governor Kim Young Rok expressed heartfelt appreciation for LOTTE Chemical’s steadfast investment in Jeollanam-do, especially amid economic challenges. He pledged support, including infrastructure development for carbon capture and storage, to propel LOTTE Chemical and SambarkLFT towards global leadership.
Gwangyang City Deputy Mayor Kim Ki Hong lauded the groundbreaking as a pivotal moment, heralding prosperity amidst economic adversities. He emphasized the local economic boon and pledged full municipal support for the endeavor.
Suncheon City Mayor Noh Kwan Kyu echoed sentiments of gratitude, affirming continued support for business-friendly policies to nurture local talent and foster a conducive environment for growth.
LOTTE Chemical’s plans post-2025 envision SambarkLFT Yulchon Complex as the country’s premier production hub, with an eye on expanding production capacity to 700,000 tons. SambarkLFT’s existing plants in Chungnam Province will continue producing specialized functional compound materials for automotive and electronic industries. Through the Yulchon Complex, focus will shift to compounding materials vital for home appliances, IT devices, automobiles, and medical equipment, aligning with evolving market demands and technological advancements.
SambarkLFT’s ultimate aim is to emerge as a specialized producer within the LOTTE Chemical Group, harnessing advanced compounding production technology to secure a leading position in high-value-added compound materials worldwide.
