Sector News

SK to acquire Dow Chemical’s PVDC unit

October 11, 2017
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

May 21, 2022

Sika opens new manufacturing plant in Bolivia 

Chemical Value Chain

Sika AG (Baar, Switzerland) has opened a new plant in Santa Cruz de la Sierra, thus doubling its production capacity for mortar and concrete admixtures in Bolivia. With this new facility in one of the country’s main industrial agglomerations, Sika is positioning itself for continued growth in the dynamic Bolivian construction market.

May 21, 2022

Chevron increases renewable fuel market share with REG acquisition

Chemical Value Chain

Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) announced on Monday a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

May 21, 2022

Lotte Chemical to invest $8 bn on hydrogen energy, battery materials by 2030

Chemical Value Chain

Lotte Chemical Corp. will invest 10 trillion won ($8 billion) on hydrogen and battery materials through 2030 to achieve annual revenue of 50 trillion won and carbon neutrality. The Korean chemical producer on Thursday unveiled its new corporate vision outlining key corporate strategies with focus on growth through hydrogen energy and battery materials businesses.