NEWS

Lotte Chemical USA Sells Membership Interests in LACC to Eagle US for US$816.5 million

November 14, 2019

Seoul and Houston — Paul Hastings LLP, a leading global law firm, announced today that the firm has represented Lotte Chemical USA Corporation (“LC USA”), a member company of the Lotte Group, on its sale of a 34.79% membership interest in LACC LLC (“LACC”) to Eagle US 2 LLC (“Eagle US”), a subsidiary of Westlake Chemical Corporation, for a purchase price of approximately US$816.5 million.

LACC is a joint venture between LC USA and Eagle US for the development of an ethane cracker plant in Louisiana. After the sale, Eagle US’ shareholding in LACC has increased, while LC USA continues to hold the majority of the shareholding.

The cross-border Paul Hastings team was led by Seoul partners Jong Han Kim, Dong Chul Kim and associate Han Kyu Lee, Houston partners Kfir Abutbul, Sam Cooper and associate Fritz Eggen, with support from Palo Alto partner Edward Han, and Washington, D.C. partner Joseph Profaizer, Scott Hataway and of counsel Michael Wise.

At Paul Hastings, our purpose is clear—to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.