| 학회 | 한국화학공학회 |
| 학술대회 | 2007년 가을 (10/26 ~ 10/27, 한국과학기술원) |
| 권호 | 13권 2호, p.1440 |
| 발표분야 | 공정시스템 |
| 제목 | Synergy Quantification in Mergers of Petrochemical Companies |
| 초록 | The synergy created by the merger of petrochemical companies has rarely been studied, although it is the primary goal of a merger. This study deals with the merger of petrochemical companies located within one complex. Synergy considerations resulting from process network integration and market power increase in upstream market and downstream market are included. A novel mathematical model is formulated that represents the operation of a process network aiming at increasing the profitability of merged companies. The resource purchasing advantage and product selling advantage options are considered by means of various scenarios. The proposed model is applied to Korean Naphtha Cracking Center, NCC, companies in one complex. The results, presented in three case studies, demonstrate that a merger creates synergy primarily from the purchasing advantage and selling advantage options, while the process network integration which simply collects various processes can create little synergy. Acknowledgement: This work was supported by Center for Ultramicrochemical Process Systems sponsored by KOSEF. |
| 저자 | 윤성근1, 박선원1, 이정석2, Peter M. Verderame3, Christodoulos A. Floudas3 |
| 소속 | 1한국과학기술원, 2LG화학, 3Princeton Univ. |
| 키워드 | Merger and acquisition; Synergy; Market power; Process network; Naphtha cracking center; Petrochemical company; Petrochemical industry |
| VOD | VOD 보기 |
| 원문파일 | 초록 보기 |
