SK Chemicals, Eastman Chemical form joint venture

By Nam Kwang-sik
SEOUL, Jan. 22 (Yonhap) -- South Korea's SK Chemicals Co. said Thursday that it
has signed a preliminary deal with U.S.-based Eastman Chemical Co. to set up a
joint venture.
The joint venture, to be named Eastman Fibers Korea Ltd., will build a plant with
an annual capacity of 2,700 tons of cellulose acetate tow, a raw material used
primarily in cigarette filters, SK Chemicals said.
The plant is scheduled to be built in the city of Ulsan, 414 kilometer southeast
of Seoul, sometime between early this year and the second half of next year.
Eastman will hold an 80 percent stake in the joint venture with SK Chemicals
owning the rest.
ksnam@yna.co.kr
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