May 01, 2024

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[THE INVESTOR] Hanwha Chemical applied for review under the new Special Act of Corporate Revitalization on Aug. 16. The government will review Hanwha Chemical’s application and make its decision within 60 days.

Hanwha Chemical, one of four companies that applied for review in relation to the new act on Aug. 16, plans to sell its caustic soda and chlorine production facility in Ulsan to UNID, a local chemicals manufacturer. 

Under the act, eligible companies are able to restructure their business portfolio with less influence from a wide range of regulations, including those concerning taxation and fair trade. The act also offers a number of government support measures, including those related to job security, research and development and funding for companies seeking to renew their businesses. Among other requirements, a company must be operating within an industry weighed down by oversupply to benefit from the new act, which took effect on Aug. 13.

An applicant must also be seeking to change its business portfolio as part of plans to improve its finances and productivity.

By Choi He-suk (cheesuk@heraldcorp.com)