Aug 18 2005
LG Chem, Ltd., the largest chemical company in Korea, announced today that the company signed a license partnership agreement with Mitsui Chemicals Inc., for the use of their VCM/EDC technology.
The partnership grants LG Chem with the exclusive rights to sublicense Mitsui's VCM/EDC technology. The partnership will not only be beneficial for LG Chem but also advantageous to Mitsui as well.
The exclusive rights enable LG Chem to develop new clients and further generate additional sales by promoting the technology with a full vinyl chain. LG Chem had already obtained a full vinyl chain technology by applying Mitsui's VCM/EDC technology with its existing PVC technology.
Mitsui stopped their VCM production several years ago and has continued only to sell their technology license. Through the partnership, Mitsui provides their existing licensees with more valuable technical assistances through utilizing the wealth of LG Chem's manufacturing know-how.
More than 20 chemical companies in over 15 countries are currently applying Mitsui's state-of-the-art technology to produce VCM and EDC.
"Mitsui's cutting edge technology was one of the reasons for LG Chem to move forward with the signing of the agreement. The interaction between LG Chem and Mitsui will create a win-win situation for both companies," said Churl Ho Yoo, the President of the Chemicals and Polymers Company.
"Obtaining the rights to sell the license for VCM and EDC will create a synergy effect for LG Chem's PVC business, a leading global product," added Yoo.
http://www.lg.co.kr/