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SOARING TURNOVER HELPS CHEMICAL GIANT ACHIEVE PROFIT

September 10, 2019 / Insider Media

A Teesside chemical giant has recorded a significant increase in turnover, helping the company to achieve a profit after losses in the previous year. Plastics manufacturer Lotte Chemical UK's turnover soared up by more than £75m to £321.4m in the year to 31 December 2018, helping the company achieve a profit of £28.7m. The UK arm of the South Korean Lotte Corporation operates plants that make PET- the plastic most widely used for making drink bottles and food packaging. In the previous year Lotte Chemical UK made a loss of £8.3m, which had been cut down by a third from 2016.  The company has a 64-acre manufacturing facility in Wilton, producing an excess of 350,000 tonnes of PET resin chips every year.