According to a Dow Jones and CNN Money report South Korea's SK Chemicals Co. said Thursday that it has signed a preliminary deal with Eastman Chemical Co. to set up a joint venture.
The joint venture, to be named Eastman Fibers Korea Ltd., will build a plant with annual capacity of 2,700 metric tons of cellulose acetate tow, a raw material used primarily in cigarette filters. Eastman will hold an 80% stake in the joint venture.
The plant is scheduled to be built in the city of Ulsan, 414 kilometers southeast of Seoul, sometime between early this year and the second half of next year, it said.
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