A gas leak at the Visakhapatnam factory of LG Polymers India Pvt. Ltd. today killed 11 and exposed thousands of people living in nearby villages to toxic styrene fumes.
The company is owned by LG Chem Ltd. of South Korea, an affiliate of LG Corp.—the electronics-to-services giant.
LG Polymers India, earlier known as Hindustan Polymers, was established in 1961 and manufactured polystyrene and its co-polymers—used to make plastic products—at the facility in the coastal city of Andhra Pradesh. It was merged with McDowell & Co. Ltd. of the United Breweries Group in 1978.
In 1997, LG Chem (South Korea) took over Hindustan Polymers and renamed it LG Polymers. The company makes chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products, according to its filing.
Management
Hoonchung Chung is managing director of LG Polymers India, according to company filings with the Ministry of Corporate Affairs. Its directors include Byungkeun Song, Chan Sik Chung, Poorna Chandra Mohan Rao Pitchuka, Sunkey Jeong and Ravinder Reddy Surukanti.
Financials
The company reported a net worth of Rs 479.60 crore in 2018, according to company filings. Net revenue stood at Rs 1,570 crore compared with Rs 1,497 crore a year ago. Profit after tax was Rs 3.6 crore in 2018 against Rs 68.3 crore in 2017.
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