Lotte Chemical UK Ltd (LCUK) is pleased to announce that the project to expand Polyethylene Terephthalate (PET) production at its Wilton, UK site has been given LCUK Board Approval. In mid April the UK Government Department for Business Innovation & Skills (BIS) confirmed officially that Lotte Chemical UK Ltd had been successful in its bid for Regional Growth Fund support and received a conditional offer of funding for this project, with parent company KP Chemical Of South Korea also granting its support in early summer.
LCUK will build a 200 kte pa plant at the Wilton Site, alongside it’s existing 150 ktpa PET Plant (M5) to be on line in Q3/4 2013. The addition of a new line will underpin the capacity of the co-located T8 PTA Plant and facilitate LCUK’s move into a wider range of PET products including resins incorporating post consumer recycled PET.
Mr SY Huh, KP President, said that this move clearly demonstrates KP’s ambition to be one of the leading global players in PET, an integral part of the Lotte Group vision which sees it being an Asia Top 10 Global Group by 2018. LCUK CEO, Mr NY Lee confirmed that the project will represent a remarkable turnaround in the fortunes of the Wilton based business. ‘It is only 18 months since Lotte purchased the assets and we restarted the business after over 8 months in administration.’ He continued, ‘we are proud to be part of the global growth strategy of the Lotte Group.’
Local MP for Redcar and Cleveland, Ian Swales, MP offered his support and said “This new plant is great news for the area. The government is committed to encouraging the manufacturing industry and inward investment on Teesside. Their support in giving the project significant capital investment through the Regional Growth Fund is a great example of them doing just that.”