April 25, 2024

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[THE INVESTOR] Lotte Chemical said on Jan. 17 that its affiliate has acquired a Turkish engineered stone producer for 125 billion won (US$112 million).

Lotte Advanced Materials will hold 72.5 percent of Belenco -- established in 2011, is Turkey’s No. 1 engineered stone producer.

With the acquisition and further investment, Lotte will become one of the world’s top five quartz surfaces producers.

Lotte Advanced Materials also has an engineered stone factory in Korea.

Quartz-based engineered stone is widely used in kitchen and bathroom counters, floors, walls and facade linings, benches and various special application areas.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)