SK Global Chemical released a statement on December 18.
Dow Chemical has spun off Saran business and sold it to SK Chemical. This transaction is part of Dow's ongoing assessment and optimization of its business portfolio.
The statement said: "Dow and SK Chemical both believe that Saran business has a strong product line and customer relationship, and the business will continue to operate in Midland. The specific transaction amount is not disclosed."
At the beginning of the year, SK Chemical acquired Dow Chemical's ethylene-acrylic acid copolymer business and ionomer business at a price of 370 million dollars. This divestiture is related to the merger of Dow and DuPont.
The company said that Saran is used in a variety of packaging applications, including single-layer extrusion, rigid and flexible multi-layer extrusion and extrusion spraying applications.
Dow Chemical said that the specific segments include food packaging, drug packaging, single packaging of health and cosmetics products, sterile medical packaging and other non-package applications.
Although Dow Chemical sold Saran resin business to SK Chemical, the brand name of food packaging Saran Wrap is still owned by S.C. Johnson&Son. In 1997, Johnson&Johnson acquired Dow Brands, a consumer goods subsidiary of Dow, including Ziploc and Handi-Wrap.