By Kang Doo-soon and Minu Kim
SK Global Chemical, an affiliate of South Korea’s SK Innovation, said on Monday it has completed a deal to purchase polyvinylidene chloride (PVDC) business from Dow Chemical for an undisclosed sum. The deal could be worth $75 million, according to people familiar with the matter.
The deal represents the second transaction between SK Global Chemical and the US chemical company. SK Global Chemical acquired Dow Chemical’s ethylene acrylic acid (EAA) business for $370 million earlier this year.
PVDC is used to make clear film packaging including plastic food wrap to block water and oxygen.
The latest deal encompasses Dow’s PVDC trademark right (SARAN™) and other intellectual properties as well as manufacturing facilities in Michigan.
With the two purchases, SK Global Chemical has further reinforced its lineup in packaging materials. It has been diversifying its business portfolio from petrochemicals to high-value chemical sectors, the company said.
source : http://global.kita.net