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Celanese, partners changing strategy for acetal JV
Korea Engineering Plastics Co. Ltd.
Celanese Corp. and Mitsubishi Gas Chemical Co. Inc. are changing the business model of their Korean Engineering Plastics Co. joint venture.
Under terms of a deal announced Dec. 9, Seoul-based KEP will supply acetal resins and related materials to its shareholders, who will then independently market them globally without restrictions. The agreement envisions a modernization of the scope of KEP, officials said in a news release.
KEP formed in 1987 to make and market acetal in Asia, with a focus on serving domestic demand in Korea. Celanese of Dallas owns 50 percent of the JV, with Tokyo-based MGC owning 40 percent and Mitsubishi Corp. a Tokyo-based conglomerate owning the remaining 10 percent.