Vizag gas leak: Plant produced stuff used to make disposable plastic cutlery
LG Polymers India, the company behind the deadly styrene gas leak in Visakhapatnam that left at least nine dead and hundreds hospitalised, is a subsidiary of leading South Korean chemical firm LG Chem that had entered India in 1997 through the acquisition of a local company.
The Vizag plant manufactures polystyrene (PS) that finds wide utility in the food-service industry as rigid trays and containers, disposable utensils, and foamed cups, plates and bowls.
The company, according to its website, was established in 1961 as 'Hindustan Polymers' by the Shriram Group for manufacturing PS and its co-polymers at Visakhapatnam.
It got merged with MC Dowell & Co Ltd of UB Group in 1978.
Considering India as an important market for its aggressive global growth plans, LG Chem in July 1997 acquired Hindustan Polymers and renamed it as LG Polymers India Pvt Ltd (LGPI) in July 1997.
The factory recorded 222.8 billion won (USD 181.8 million) in revenue and 6.3 billion won in net profit last ...