South Korean cosmetics-to-health care conglomerate Aekyung Group said Monday that it has officially launched Aekyung Chemical and appointed Pyo Kyoung-won as the inaugural CEO.

Aekyung Chemical was formed by combining the group’s three chemical businesses -- Aekyung Petrochemical, AK ChemTech and the old Aekyung Chemical.

In a meeting at Aekyung Tower, the group’s headquarters in Mapo-gu, western Seoul, on Monday morning, the new Aekyung Chemical’s board of directors finalized the three-way merger and the appointment of Pyo as CEO.

The directors also named Park Tae-han as the new chief executive of Aekyung Special Paint, a subsidiary under Aekyung Chemical.

By creating synergies from the combination of the three firms’ business portfolios, Aekyung Chemical targets 4 trillion won ($3.4 billion) in revenue and 300 billion won in operating profit by 2030.