Sumitomo Buys Korean Fine Chems

From: Chemical Market Reporter | Date: February 9, 1998| Author: | Copyright information

As PART OF ITS BUSINESS restructuring efforts, Korea's Oriental Chemical Industries has decided to sell its 50 percent share in an Iksan, Korea-based electronic chemicals venture, Dong Woo Pure Chemicals Co. Ltd., to its main partner Sumitomo Chemical Co. Ltd.

Following negotiations, Sumitomo will purchase Oriental Chemical's share for approximately $33.5 million, boosting the Japanese chemical maker's share to 90 percent. Japanese trading company Itochu Corporation will continue to hold 10 percent.

Although it is difficult to ...

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