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[SEOUL] South Korea's SK Innovation said on Thursday it will acquire Dow Chemical Co's ethylene acrylic acid (EAA) business for US$370 million, a move that will expand its range of high value-added chemical products.
SK Innovation said in January that it would invest up to US$2.5 billion in chemicals, oil exploration and battery businesses to spur growth.
The acquisition, made through its unit SK Global Chemical Co Ltd, will include Dow Chemical's EAA business in the United States and Spain. "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," Kim HyungKun, president of SK Global Chemical, said in a statement.
Ethylene acrylic acid is mainly used as an adhesive for wrapping products such as aluminium foil.