10 January 2002 09:30 [Source: ICIS news]
SINGAPORE (CNI)--Kumho P&B Chemicals sold its alkylphenol product line to US-based Schenectady International Incorporated (SII) for approximately $9m (Euro10m), a spokesman for the South Korean group told CNI on Thursday.
The deal was concluded on Wednesday, as reported by CNI.
Kumho P&B said the deal would include its existing 120 000 tonne/year alkylphenol line at Yeosu, South Korea and may include a 100 000 tonne/year line at the site, which is currently undergoing construction and is expected to be ready this year. The spokesman was not sure whether the ongoing expansion project was part of the deal, but was inclined to think it was.
SII said the Kumho P&B alkylphenol business, renamed Schenectady Korea Ltd, would serve the Korean domestic market. It also said Kumho’s existing alkyphenol facility generated annual sales of more than $8m in 2001.
Robert Carr, president of SII, said the Korean alkylphenol acquisition complemented SII's joint venture operations with Mitsubishi Chemical in Kashima, Japan and fulfilled a long-time desire to produce alkylphenols in northern Asia.
Headquartered in Schenectady, New York, SII is a private, family-owned company that produces specialty phenolic resins, electrical insulation products and alkylphenol intermediates.
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