South Korea’s SK Innovation said on Thursday it will acquire Dow Chemical Co’s ethylene acrylic acid (EAA) business in a bid to boost its efforts to lead high-value added chemical markets.
SK Global Chemical Co Ltd, a unit of SK Innovation, signed the acquisition deal worth $370 million, SK Innovation said in a filing to the stock exchange.
Under the deal, SK Global Chemical will take over Dow Chemical-owned assets and the EAA business in the United States and Spain, the company said.
By Jane Chung
Source: Reuters
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
