Evonik forms hydrogen peroxide venture with South Korea-based SKC

12 November 2010 12:12  [Source: ICIS news]

LONDON (ICIS)--Evonik Industries has formed a joint venture for the production of hydrogen peroxide in South Korea with Seoul-based company SKC, the German chemicals producer said on Friday.

The company said SKC would acquire a 45% stake in its subsidiary, Evonik Degussa Peroxide Korea.  

Evonik Industries did not disclose the financial or other terms of the agreement.

“SKC’s acquisition of a stake in Evonik Degussa Peroxide Korea will strengthen the good relations our two companies already have and will position us optimally for future growth,” said Jan Van den Bergh, head of Evonik's industrial chemicals business unit.

In 2008, SKC started production at its Ulsan-based 100,000 tonne/year hydrogen peroxide-to-propylene oxide plant.

Evonik and German engineering firm Uhde jointly developed the HPPO process and licensed it out to SKC, said the company.

Evonik Degussa Peroxide Korea said it was the largest manufacturer of hydrogen peroxide in South Korea.

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By: Hilde Ovrebekk
+44 20 8652 3214

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