Chemicals company Umicore has acquired the combined 50% shareholdings of Samkwang Glass Ind Co Ltd and OCI Company Ltd in the South Korean automotive catalyst joint venture, Ordeg Co Ltd for €82 million (KRW 100 billion).
Umicore, which previously held 50% of the equity, now has full ownership of Ordeg.
Ordeg was established in 1985 and is a supplier of emission control catalysts to Korean automotive producers. Ordeg currently employs 193 people. The main production facility is in Onsan and the company recently inaugurated a new technical and technology centre in Songdo, near Seoul.
‘We are delighted to have acquired full ownership of the Ordeg operations,’ said Joerg von Roden, senior vice-president of sales & marketing for Umicore Automotive Catalysts. T’his will reinforce Ordeg's ability to work with its Korean headquartered customers, both for their domestic operations and their activities around the world.’
This story uses material from Umicore, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.