Sector News

SK to acquire Dow Chemical’s PVDC unit

October 11, 2017
Energy & Chemical Value Chain

An affiliate of SK Innovation has signed a deal to purchase a chemical unit under Dow Chemical to expand its packaging product businesses, the company said Wednesday.

The deal is the second transaction between SK Global Chemical and the US chemical company. The SK affiliate bought Dow Chemical’s ethylene acrylic acid business for $370 million earlier this year.

The sale price of Dow’s polyvinylidene chloride (PVDC) business is not revealed as the company has no obligation to make a public report on deals worth less than 2.5 of its capital ratio or 98 billion won, officials said. The deal could be worth $100 million won, according to sources.

PVDC is used for clear film packaging including plastic food wrap.

The deal was a part of SK Innovation’s future strategy, which aims to expand automotive materials and packaging business and help its affiliate SK Global Chemical become one of the top 10 chemical companies in the world by making “continuous investment,” the company said.

By Cho Chung-un

Source: Korea Herald

comments closed

Related News

March 24, 2024

Thomas Gangl leaves Borealis

Energy & Chemical Value Chain

Appointed Borealis CEO in 2021, Thomas has led key initiatives including the sale of the nitrogen business, acquisitions of Rialti Spa and Integra Plastics AD, and Borouge’s IPO. He also made the final investment decision for the Borouge 4 plant, set to be the world’s largest polyolefin complex.

March 24, 2024

Chemours names Dignam permanent CEO

Energy & Chemical Value Chain

The Chemours Co. today named interim CEO Denise Dignam as the company’s permanent CEO and president, as well as a member of the board of directors, effective immediately. Dignam has been interim CEO since late February, when former CEO Mark Newman was placed on leave due to an internal investigation.

March 24, 2024

Neste merges three business lines into new Renewable Products unit

Energy & Chemical Value Chain

Neste Corp. (Espoo, Finland) has completed its organizational change process, announced on 1 November 2023. Neste informed that it will merge its three renewable business units into one Renewable Products business unit as well as restructure its functions to better support business-driven ways of working.

How can we help you?

We're easy to reach