South Korean Plastic Makers Progress Integration, Maeil Says

South Korea’s two-biggest plastic makers are finalizing details on an integration plan, Maeil Business Newspaper reported, as the country’s petrochemical sector contends with intense Chinese competition.

Lotte Chemical Corp. and HD Hyundai Chemical Co. have prepared a restructuring plan that will consolidate their facilities in Daesan, according to the Maeil, which cited industry sources it didn’t name. The boards of the companies may approve the plan soon, the report said.