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
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.
