Iljin Materials to change its name to Lotte Energy Materials

Lotte Chemical Corp., a South Korean petrochemical giant, will rename Iljin Materials Co., the country’s second-largest copper foil maker, as Lotte Energy Materials after completing its acquisition.

Iljin Materials said on Monday that it proposed an agenda to change its name and articles of incorporation at an extraordinary shareholders meeting on Mar. 14. The company also plans to appoint several Lotte Chemical executives as directors at the meeting.

Lotte Chemical agreed to buy Iljin Materials for 2.7 trillion won ($2 billion) last year, aiming to expand its presence in the battery materials market. The deal received approval from the antitrust regulator last month and is expected to close in the first quarter of this year.

The company said in a conference call earlier this month that it expects Lotte Energy Materials to become a global leader in battery materials by leveraging Lotte Chemical’s technology and resources.

Write to Ik-Hwan Kim at [email protected]