Feb 2 2011
Chemtura Corporation (NYSE:CHMT) and UP Chemical Co. Ltd. today announced the formation of DayStar Materials, LLC, a joint venture company which will manufacture and sell high-purity metal organic precursors for the rapidly growing LED market.
The joint venture will leverage Chemtura's capability and technology related to metal alkyls for polymerization and other specialty applications, together with its backwards integration for trimethylaluminum (TMA), a key material used in the manufacture of high-purity metal organic precursors for use in the production process for High-Brightness LED chips.
The joint venture will further combine the strengths of UP Chemical Co. Ltd., who specialize in the research, development, production, high-purity refinement and sale of various chemical vapor deposition precursors, as well as other thin film deposition materials for the electronic materials market in South Korea and the Asia Pacific region.
The joint venture will begin supply of high-purity metal organic precursors in the second quarter of 2011.
"We are very excited about the formation of DayStar Materials and the strong partnership we have developed with UP Chemical," said Craig Rogerson, Chemtura president, chairman and chief executive officer. "The LED market is growing at a staggering rate, and DayStar Materials will be uniquely positioned to meet the high-purity metal organic precursor supply requirements of LED chip manufacturers throughout Asia."
"With joint support from Chemtura and UP Chemical, DayStar Materials has a strong, competitive position in the metal organic precursor market for LED's and will fill our Korean customers' need for a domestic supplier," said Soo-Ick Sohn, UP Chemical chief executive officer. "Also, DayStar will provide the global LED market with a stable supply of high quality chemicals and is poised to join our customers as an important strategic partner."