Taekyung Group Acquires Lion Chemtech

SEOUL, South Korea – Base-materials manufacturer Taekyung Group will assume management rights Lion Chemtech, Korea’s third-largest surfaces company.

The company announced on Dec. 26 that affiliates Taebugi K and Taekyung Chemical will assume 56% of Lion Chemtech for about 130 billion won, or $88.4 million.

Lion Chemtech is a material company for interior and exterior materials and ranks first in Korea in the synthetic wax field and fourth in the world in solid-surface manufacturing. It began producing TriStone™ solid-surface in 2003 and Blackstone™ quartz-surfaces in late 2016.

Taekyung Group noted that 70% of the $88 million in Lion sales comes from overseas. The main products include high-end engineered stone and eco-friendly polyolefin elastomer (POE) adhesives.

“With high-end and eco-friendly trends, high-end E-stone and eco-friendly POE adhesives are expected to grow explosively in overseas markets in the future,” said Kim Hae-ryeon, chairman of Taekyung Group. “We will be able to increase our market dominance along with Taekyung Group’s product portfolio.”

As a result, Taekyung Group, which will mark its 50th year in 2025, will have annual sales of 1 trillion won, or approximately $680 million.

Kim Hong-jin, former CEO of Donghwa Enterprises, is the new CEO of Lion Chemtech. The company plans to increase its dominance in overseas markets of high-end artificial marble and eco-friendly adhesives.

Taekyung Group noted the Lion Chemtech acquisition will diversify its portfolio in the eco-friendly future basic materials field.