Textile & chemical giant Cheil proposes subsidiary in Germany
28 Jun '06
1 min read
In a bid to manage future chemical operations in Europe and Middle East, Cheil Industries, a top South Korean textile and chemical manufacturer plans to start a subsidiary in Germany, according to company sources.
Company's liaison office would be located in Germany.
Industry insiders suggest that Cheil's strategy is intended to get hold of production of acrylonitrile-butadienestyrene (ABS) resin, used extensively in plastic parts in household goods, tech products and automobiles.
Cheil Industries, a subsidiary of South Korea's largest firm, Samsung Group, recorded sales of 2.73 billion ($2.86 million) in 2005.
It plans to increase its sales to 2.9 trillion by the end of this year.
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