SK Global Chemical Co. Ltd. is acquiring another portion of Dow Chemical Co. This time it’s the firm’s polyvinylidene chloride, or PVDC, resins business.
The company issued a statement on the sale to Plastics News on Dec. 18.
“The Dow Chemical Co. has completed the divestiture of its Saran business to SK Global Chemical. The transaction is part of Dow’s continued efforts to evaluate and optimize its portfolio of businesses.
“Both Dow and SK Global Chemical believe that Saran has a strong product line and customer relationships and will continue to thrive with its new ownership structure. Saran will continue to manufacture products from its current Midland, Mich., operations,” the statement reads.
“The value of the transaction is not being disclosed,” it continued.
SK Global Chemical, based in Seoul, South Korea, purchased Dow’s ethylene acrylic acid copolymers and ionomers business for a reported $370 million earlier this year. That divestiture was in association with the merger between Dow and DuPont.
Saran is used in a variety of packaging applications, including monolayer extrusion, flexible and rigid multilayer extrusion and extrusion coating applications, the company said.
Specific segments include food packaging and wrap, pharmaceutical packaging, unit packaging for hygiene and cosmetic products, sterilized medical packaging and other non-packaging applications, Dow said.
While Dow is selling the Saran resin business to SK Global Chemical, the Saran Wrap brand name is owned by S.C. Johnson & Son. for food wrap. S.C. Johnson acquired the brand as part of its 1997 purchase of DowBrands, a consumer products subsidiary that included the Ziploc and Handi-Wrap brands.
By Jim Johnson
Source: Plastics News
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?