SEOUL, Oct. 11 (Korea Bizwire) — South Korea’s top oil refiner SK Innovation Co. said Wednesday that its affiliate has signed a deal to buy another chemical business unit under Dow Chemical Co., in a bid to expand its market presence.
Early this year, SK Global Chemical Co. took over Dow Chemical’s ethylene acrylic acid (EAA) business for US$370 million in a move aimed at diversifying its business portfolio.
SK Global Chemical will buy Dow Chemical’s polyvinylidene chloride (PVDC) business for an unspecified amount, but industry sources say the deal could be worth $100 million. PVDC is used for clear, barrier film packaging.
The acquisition is the latest in a series of deals sought by SK Group.
Earlier, SK Innovation said it would spend 3 trillion won this year to boost its chemicals and electric vehicle battery businesses.