LG Chem CEO and vice chairman Park Jin-soo on Tuesday renewed his commitment to FarmHannong, an agrochemical firm recently acquired by the nation’s top chemicals company.

“We will not just remain as the No. 1 in Korea. We will enter overseas markets and pour resources into research and development. If necessary, we will consider mergers and acquisitions for growth,” he said during his visit to the company’s offices in Gyeonggi Province. 

After months-long acquisition efforts, FarmHannong, formerly owned by Dongbu Group, became part of LG Chem on April 19. Park took helm of the company, holding the chief executive position at both companies.

Established in 1953, the company is the market leader in the nation’s agrochemical industry. Its key businesses include fertilizers and pesticides.

As Dongbu Group faced financial difficulties, the company was put up for sale in 2014. Last year, the company posted 628 billion won ($552 million) in revenue and 22 billion won in operating profits.

During his first visit to the company’s research centers in Anseong and a plant in Asan, both in Gyeonggi Province, Park encouraged employees to join hands for the company’s restart and growth.

During the takeover process, all the workers and executives, numbering 1,000, were retained by LG Chem.

“FarmHannong has led the nation’s agrochemical industry since its establishment six decades ago,” he said. “That has been possible due to the devotion and efforts of all employees.”

By Lee Ji-yoon (jylee@heraldcorp.com)