LOTTE Acquires Majority Stake in Belenco

UIWANG, South Korea — LOTTE Advanced Materials more than tripled its production capacity for Radianz® quartz surfaces last month with the acquisition of Turkish manufacturer Belenco.

Click photo to enlargeThe $111.4-million deal, signed on Jan. 17, gives the Korean company 72.5% ownership of Belenco, which operates two Breton SpA material-production lines at the Manisa OIZ Industrial Park near Izmir, Turkey. The contract is subject to approval by the Turkish government’s Competition Authority.

“Our goal is to be the worldwide leader in the manufacture and delivery of exceptional quartz surfaces, and the acquisition of Belenco represents a major milestone in achieving that objective,” said Dale Mandell, director of business development, LOTTE Advanced Materials USA Inc.  in La Palma, Calif. “LOTTE’s addition of Belenco’s capacity and technological expertise will benefit distributors, dealers, designers, and consumers for decades to come.”

Belenco’s production lines are capable of producing more than 230,000 slabs of quartz surfaces annually. LOTTE’s own plant in Korea currently manufactures 90,000 slabs per year; the company became a licensee of Breton technology since 2018, utilizing the process in the development of its new Radianz Cirrus Collection.

“With the take-over of Belenco, we will maximize synergistic effects by utilizing the sales infrastructure of LOTTE Advanced Materials’ overseas subsidiaries,” said Lee Ja-hyung, CEO of LOTTE Advanced Materials. “We will make utmost efforts to stay ahead in the fast-growing engineered-stone market by boosting sales and building up new production lines.”

A press statement from LOTTE also notes the company plans to make additional facility investment and gain a foothold in the high-end interior material markets of developed countries including the United States in a bid to become one of the top five global players.

The Radianz quartz countertop line consists of more than 50 nature-inspired colors available in a multitude of unique patterns. Radianz surfaces can be found in applications including residential kitchens and bathrooms, as well as high-use commercial and retail environments such as corporate offices and hospitality facilities.

LOTTE entered the hard-surfaces industry in April 2016 when it acquired Samsung Group’s multi-faceted SDI Chemical, which included the Radianz quartz and Staron® solid-surface lines, in a $2.6 billion deal.

---

Get the news of the industry with Slab & Sheet, the e-newsletter from Stone Update. Sign up for free delivery here.

For the latest industry info, check Stone Update on Twitter and Facebook.

Experience the totally new Stone Update Magazine online.