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Hyundai Engineering invests in Poland's polypropylene plant

(Hyundai Engineering Co.-Yonhap)
(Hyundai Engineering Co.-Yonhap)

Hyundai Engineering Co., a plant engineering affiliate of Hyundai Motor Group, said Monday it has signed a deal with three business partners to invest a combined $733.3 million in a polypropylene plant in Poland.

Of the planned investment, Hyundai Engineering and South Korea's state-run Korea Overseas Infrastructure & Urban Development Corp. will invest a combined $130 million, Hyundai Engineering said, without elaborating on its own investment and its stake in the project.

The two other partners are Poland's biggest chemical group Grupa Azoty and Poland's major oil refiner Lotos.

The deal signed Friday came more than two weeks after Hyundai Engineering clinched a $1.12 billion deal to build a polypropylene plant and relevant infrastructure in Police, a town located about 460 kilometers northwest of Warsaw.

The plant will have an annual production capacity of 400,000 tons of polypropylene, which is used in a wide range of applications, such as auto parts and daily necessities. (Yonhap)