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Evaluation of synergy effect in the horizontal merger of companies in a petrochemical complex / Sung-Geun Yoon in Industrial & engineering chemistry research, Vol. 48 N° 24 (Décembre 2009) 

Public ISBD [article]  in Industrial & engineering chemistry research > Vol. 48 N° 24 (Décembre 2009) . - pp. 11017–11033 Titre : Evaluation of synergy effect in the horizontal merger of companies in a petrochemical complex Type de document : texte imprimé Auteurs : Sung-Geun Yoon, Auteur ; Sunwon Park, Auteur ; Jeongseok Lee, Auteur Année de publication : 2010 Article en page(s) : pp. 11017–11033 Note générale : Industrial chemistry Langues : Anglais (eng) Mots-clés : Evaluation--Synergy--Effect--Horizontal--Merger--Companies--Petrochemical--Complex Résumé : Mergers and acquisitions (M&As) have been actively carried out in the petrochemical industry. However, the synergy created by the merger of petrochemical companies has seen relatively little study, despite being the primary goal of a merger. This study deals with the horizontal merger of petrochemical companies located within a single complex. Synergies considered in this work stem from integration of the process network and the utility plant, reduction of fixed costs, and contracts in purchasing and selling. A novel mathematical model that represents the operation of a process network and a utility plant and the decisions for purchasing and selling contracts is formulated. Four contracts for purchasing and selling are considered. The proposed model is applied to three Korean companies at a naphtha cracking center (NCC) located in the same industrial complex. The results show that synergy effects from integration of the process network and the utility system, reduction of fixed costs, and increased market share together increase profit by 50%. ISSN : 0888-5885 En ligne : http://pubs.acs.org/doi/abs/10.1021/ie900802v [article] Evaluation of synergy effect in the horizontal merger of companies in a petrochemical complex [texte imprimé] / Sung-Geun Yoon, Auteur ; Sunwon Park, Auteur ; Jeongseok Lee, Auteur . - 2010 . - pp. 11017–11033. Industrial chemistry Langues : Anglais (eng) in Industrial & engineering chemistry research > Vol. 48 N° 24 (Décembre 2009) . - pp. 11017–11033 Mots-clés : Evaluation--Synergy--Effect--Horizontal--Merger--Companies--Petrochemical--Complex Résumé : Mergers and acquisitions (M&As) have been actively carried out in the petrochemical industry. However, the synergy created by the merger of petrochemical companies has seen relatively little study, despite being the primary goal of a merger. This study deals with the horizontal merger of petrochemical companies located within a single complex. Synergies considered in this work stem from integration of the process network and the utility plant, reduction of fixed costs, and contracts in purchasing and selling. A novel mathematical model that represents the operation of a process network and a utility plant and the decisions for purchasing and selling contracts is formulated. Four contracts for purchasing and selling are considered. The proposed model is applied to three Korean companies at a naphtha cracking center (NCC) located in the same industrial complex. The results show that synergy effects from integration of the process network and the utility system, reduction of fixed costs, and increased market share together increase profit by 50%. ISSN : 0888-5885 En ligne : http://pubs.acs.org/doi/abs/10.1021/ie900802v

Evaluation of synergy effect in the horizontal merger of companies in a petrochemical complex / Sung-Geun Yoon in Industrial & engineering chemistry research, Vol. 48 N° 24 (Décembre 2009) 

Public ISBD [article]  in Industrial & engineering chemistry research > Vol. 48 N° 24 (Décembre 2009) . - pp. 11017–11033 Titre : Evaluation of synergy effect in the horizontal merger of companies in a petrochemical complex Type de document : texte imprimé Auteurs : Sung-Geun Yoon, Auteur ; Sunwon Park, Auteur ; Jeongseok Lee, Auteur Année de publication : 2010 Article en page(s) : pp. 11017–11033 Note générale : Chemical engineering Langues : Anglais (eng) Mots-clés : Mergers  and  acquisitions  Petrochemical  companies Résumé : Mergers and acquisitions (M&As) have been actively carried out in the petrochemical industry. However, the synergy created by the merger of petrochemical companies has seen relatively little study, despite being the primary goal of a merger. This study deals with the horizontal merger of petrochemical companies located within a single complex. Synergies considered in this work stem from integration of the process network and the utility plant, reduction of fixed costs, and contracts in purchasing and selling. A novel mathematical model that represents the operation of a process network and a utility plant and the decisions for purchasing and selling contracts is formulated. Four contracts for purchasing and selling are considered. The proposed model is applied to three Korean companies at a naphtha cracking center (NCC) located in the same industrial complex. The results show that synergy effects from integration of the process network and the utility system, reduction of fixed costs, and increased market share together increase profit by 50%. En ligne : http://pubs.acs.org/doi/abs/10.1021/ie900802v [article] Evaluation of synergy effect in the horizontal merger of companies in a petrochemical complex [texte imprimé] / Sung-Geun Yoon, Auteur ; Sunwon Park, Auteur ; Jeongseok Lee, Auteur . - 2010 . - pp. 11017–11033. Chemical engineering Langues : Anglais (eng) in Industrial & engineering chemistry research > Vol. 48 N° 24 (Décembre 2009) . - pp. 11017–11033 Mots-clés : Mergers  and  acquisitions  Petrochemical  companies Résumé : Mergers and acquisitions (M&As) have been actively carried out in the petrochemical industry. However, the synergy created by the merger of petrochemical companies has seen relatively little study, despite being the primary goal of a merger. This study deals with the horizontal merger of petrochemical companies located within a single complex. Synergies considered in this work stem from integration of the process network and the utility plant, reduction of fixed costs, and contracts in purchasing and selling. A novel mathematical model that represents the operation of a process network and a utility plant and the decisions for purchasing and selling contracts is formulated. Four contracts for purchasing and selling are considered. The proposed model is applied to three Korean companies at a naphtha cracking center (NCC) located in the same industrial complex. The results show that synergy effects from integration of the process network and the utility system, reduction of fixed costs, and increased market share together increase profit by 50%. En ligne : http://pubs.acs.org/doi/abs/10.1021/ie900802v

Integrated model for financial risk management in refinery planning / Jeongho Park in Industrial & engineering chemistry research, Vol. 49 N° 1 (Janvier 2010) 

Public ISBD [article]  in Industrial & engineering chemistry research > Vol. 49 N° 1 (Janvier 2010) . - pp. 374–380 Titre : Integrated model for financial risk management in refinery planning Type de document : texte imprimé Auteurs : Jeongho Park, Auteur ; Sunwon Park, Auteur ; Choamun Yun, Auteur Année de publication : 2010 Article en page(s) : pp. 374–380 Note générale : Industrial chemistry Langues : Anglais (eng) Mots-clés : Integrated--Financial--Risk--Management--Planning Résumé : An integrated model based on two-stage stochastic programming is developed for operational planning and financial risk management of a refinery. Downside risk, which rationally quantifies financial risk, is selected as the objective function to be minimized. Subsequently, the contract sizes and the operational plan are optimized on the basis of the developed model and the price scenarios. A case study shows that financial risk can be substantially reduced by diversifying suppliers with spot contracts and by cross-hedging with futures contracts. The former approach is particularly effective for low-target profits, whereas the latter is effective for relatively high-target profits. Furthermore, the target profit is closely related to risk propensity. A high-target profit set in a refinery reflects risk-taking behavior, whereas a low-target profit indicates a risk-averse attitude. The developed model is beneficial for refineries because it aids in decision-making on operational and financial strategies. ISSN : 0888-5885 En ligne : http://pubs.acs.org/doi/abs/10.1021/ie9000713 [article] Integrated model for financial risk management in refinery planning [texte imprimé] / Jeongho Park, Auteur ; Sunwon Park, Auteur ; Choamun Yun, Auteur . - 2010 . - pp. 374–380. Industrial chemistry Langues : Anglais (eng) in Industrial & engineering chemistry research > Vol. 49 N° 1 (Janvier 2010) . - pp. 374–380 Mots-clés : Integrated--Financial--Risk--Management--Planning Résumé : An integrated model based on two-stage stochastic programming is developed for operational planning and financial risk management of a refinery. Downside risk, which rationally quantifies financial risk, is selected as the objective function to be minimized. Subsequently, the contract sizes and the operational plan are optimized on the basis of the developed model and the price scenarios. A case study shows that financial risk can be substantially reduced by diversifying suppliers with spot contracts and by cross-hedging with futures contracts. The former approach is particularly effective for low-target profits, whereas the latter is effective for relatively high-target profits. Furthermore, the target profit is closely related to risk propensity. A high-target profit set in a refinery reflects risk-taking behavior, whereas a low-target profit indicates a risk-averse attitude. The developed model is beneficial for refineries because it aids in decision-making on operational and financial strategies. ISSN : 0888-5885 En ligne : http://pubs.acs.org/doi/abs/10.1021/ie9000713

Selecting the optimal target company based on synergy calculation for the vertical merger in a petrochemical complex / Sung-Geun Yoon in Industrial & engineering chemistry research, Vol. 48 N°3 (Février 2009) 

Public ISBD [article]  in Industrial & engineering chemistry research > Vol. 48 N°3 (Février 2009) . - p. 1511–1521 Titre : Selecting the optimal target company based on synergy calculation for the vertical merger in a petrochemical complex Type de document : texte imprimé Auteurs : Sung-Geun Yoon, Auteur ; Sunwon Park, Auteur ; Jeongseok Lee, Auteur Année de publication : 2009 Article en page(s) : p. 1511–1521 Note générale : Chemical engineering Langues : Anglais (eng) Mots-clés : Petrochemical  --  mergers  Petrochemical  --  acquisitions Résumé : Petrochemical companies have focused on mergers and acquisitions (M&A) as a strategic option; however, there are very few quantitative tools which can critically evaluate M&A. The objectives of M&A are rapid growth by increasing the external scale of a company and strengthening its cost competitiveness. In particular, many petrochemical mergers occur within a complex. This study presents a novel mathematical model to select an optimal target company for the vertical merger in a petrochemical complex. The model is applied to the problem of one acquirer and five target companies within a complex. The results of the optimization studies are analyzed with regard to profit, synergy, variability, and cost efficiency of the merger. One target company is ultimately selected with a synergy of $264 million with $0.81 million of capital investment. The industrial case study demonstrates the viability of the given model for analyzing real M&A problems within a complex. En ligne : http://pubs.acs.org/doi/abs/10.1021/ie8011787 [article] Selecting the optimal target company based on synergy calculation for the vertical merger in a petrochemical complex [texte imprimé] / Sung-Geun Yoon, Auteur ; Sunwon Park, Auteur ; Jeongseok Lee, Auteur . - 2009 . - p. 1511–1521. Chemical engineering Langues : Anglais (eng) in Industrial & engineering chemistry research > Vol. 48 N°3 (Février 2009) . - p. 1511–1521 Mots-clés : Petrochemical  --  mergers  Petrochemical  --  acquisitions Résumé : Petrochemical companies have focused on mergers and acquisitions (M&A) as a strategic option; however, there are very few quantitative tools which can critically evaluate M&A. The objectives of M&A are rapid growth by increasing the external scale of a company and strengthening its cost competitiveness. In particular, many petrochemical mergers occur within a complex. This study presents a novel mathematical model to select an optimal target company for the vertical merger in a petrochemical complex. The model is applied to the problem of one acquirer and five target companies within a complex. The results of the optimization studies are analyzed with regard to profit, synergy, variability, and cost efficiency of the merger. One target company is ultimately selected with a synergy of $264 million with $0.81 million of capital investment. The industrial case study demonstrates the viability of the given model for analyzing real M&A problems within a complex. En ligne : http://pubs.acs.org/doi/abs/10.1021/ie8011787

Synergy in mergers of petrochemical companies within a complex considering purchasing and selling advantage with process integration / Sung-Geun Yoon in Industrial & engineering chemistry research, Vol. 47 n°15 (Août 2008) 

Public ISBD [article]  in Industrial & engineering chemistry research > Vol. 47 n°15 (Août 2008) . - p. 5556–5567 Titre : Synergy in mergers of petrochemical companies within a complex considering purchasing and selling advantage with process integration Type de document : texte imprimé Auteurs : Sung-Geun Yoon, Auteur ; Seung Bin Park, Auteur ; Sunwon Park, Auteur ; Jeongseok Lee, Auteur Année de publication : 2008 Article en page(s) : p. 5556–5567 Note générale : Bibliogr. p. 5566-5567 Langues : Anglais (eng) Mots-clés : Mergers  --  petrochemical  companies;  Process  integration Résumé : Mergers and Acquisitions, M&A, have been active in the petrochemical industry. However, 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 and boiler integration with fixed cost reduction and market power increase in upstream market (i.e., resource purchasing advantage) and downstream market (i.e., product selling advantage) 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 and boiler integration which simply collects various processes can create a little synergy. En ligne : http://pubs.acs.org/doi/abs/10.1021/ie071447k [article] Synergy in mergers of petrochemical companies within a complex considering purchasing and selling advantage with process integration [texte imprimé] / Sung-Geun Yoon, Auteur ; Seung Bin Park, Auteur ; Sunwon Park, Auteur ; Jeongseok Lee, Auteur . - 2008 . - p. 5556–5567. Bibliogr. p. 5566-5567 Langues : Anglais (eng) in Industrial & engineering chemistry research > Vol. 47 n°15 (Août 2008) . - p. 5556–5567 Mots-clés : Mergers  --  petrochemical  companies;  Process  integration Résumé : Mergers and Acquisitions, M&A, have been active in the petrochemical industry. However, 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 and boiler integration with fixed cost reduction and market power increase in upstream market (i.e., resource purchasing advantage) and downstream market (i.e., product selling advantage) 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 and boiler integration which simply collects various processes can create a little synergy. En ligne : http://pubs.acs.org/doi/abs/10.1021/ie071447k

Two-point temperature control structure selection for dividing-wall distillation columns / Kwangil Kim in Industrial & engineering chemistry research, Vol. 51 N° 48 (Décembre 2012) 

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