SK Innovation to buy Dow Chemical's ethylene acrylic acid unit (EAA)

<p>Production growth in aluminium semis and rolled products in China have spurred growth in a number of allied industries in Asia.<br /><br />SK Innovation, an energy, chemicals, telecommunications company, from South Korea announced on Thursday February 2 that it will acquire Dow Chemical Co's ethylene acrylic acid (EAA) business for $370 million. This is a part of its expansion programme for its high value-added chemical products range. Ethylene acrylic acid is mainly used as an adhesive for wrapping products such as aluminium foil and is on high demand due to growing production of aluminium foil in South Korea and China.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/sk%20innovation.jpg" alt="News" width="517" height="226" /><br />In the beginning of 2017, SK Innovation announced that the company intends to invest up to $2.5 billion in chemicals, oil exploration and battery businesses to enhance growth.<br /><br />{googleAdsense}<br /><br />The acquisition will take place through its subsidiary SK Global Chemical Co Ltd, will take over Dow Chemical's EAA business in the United States and Spain.<br /><br />Commenting on the acquisition, Kim HyungKun, president of SK Global Chemical, said, "We will continue strategic investments to upgrade our business structure and in the long term we aim to be the leader in high-value added chemicals for emerging markets including China."</p>