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DIC decides to return its 50% interest in Aekyung Chem JV to AK Holdings

November 19/2019

MOSCOW (MRC) -- DIC Corp. has reached an agreement with AK Holdings to return its 50% stake in their synthetic resins production and sales joint venture, Aekyung Chemical, to AK and dissolve the joint venture agreement, reported Apic-online.

"As a result of repeated candid discussions between DIC and AK Holdings regarding their visions for Aekyung Chemical held to explore the company's future direction, it was concluded that the best option from the perspective of Aekyung Chemical's continued growth and evolution was for the company to continue operating with AK Holdings as its single principal shareholder," DIC explained.

All procedures related to the dissolution of the agreement are expected to be completed by the end of next month.

As MRC informed earlier, Aekyung Petrochemical shut its phthalic anhydride (PA) plant in South Korea on 4 November 2019, for a one-month turnaround. Located in Ulsan, South Korea, this plant's production capacity is 50,000 tonnes per year.

According to MRC's ScanPlast report, Russia's overall production of polyvinyl chloride (PVC) reached 809,000 tonnes in the first ten months of 2019, up by 3% year on year. At the same time, not all Russian producers raised their output,


mrcplast.com
Author:Margaret Volkova
Tags:PVC, ftaleviy angidrid, SPVC, petrochemistry, natural rubber, Aekyung Petrochemical, Russia, South Korea.
Category:General News
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