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According to Yonhap News,

Lotte Chemical Corp. said Tuesday its new copper foil making unit, established after its takeover of a local manufacturer of the key battery material, will operate under the new name Lotte Energy Materials.

The official launch of Lotte Energy Materials came about five months after it announced plans to buy a 53.3 percent stake in Iljin Materials Co. through a rights offering.

The change in the company's name was approved at a Lotte Chemical shareholders meeting earlier in the day at its Iksan plant in North Jeolla Province, about 180 kilometers southwest of Seoul, the chemicals unit under Lotte Group said.

Lotte Energy Materials will operate as a subsidiary of Lotte Chemical.

Shareholders also voted to promote Kim Yeon-seop, Lotte Chemical's chief strategy officer, as the new chief executive officer of Lotte Energy Materials.

The acquisition has been completed with necessary procedures and due payments, Lotte said.

Lotte Energy Materials said it plans to increase the global copper foil production capacity to 230,000 tons a year by 2027, from the operational bases in Malaysia, Spain and the United States.

Lotte Chemical's battery materials division expects to generate about 7 trillion won (US$5.35 billion) in sales by 2030, up from the initial revenue target of 5 trillion won.

Lotte Group, a retail-to-chemicals conglomerate, has unveiled a blueprint to transform its chemical businesses into ones based on clean energy, with plans to spend 4 trillion won by 2030 for battery materials, such as cathode, anode, electrolyte and separators.

elly@yna.co.kr

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Source: Yonhap News (Mar, 14, 2023)