Lubrizol and Daelim Sign Technology Agreement
(Thomson Reuters ONE) -
The Lubrizol Corporation Daelim Industrial Co., Ltd.
29400 Lakeland Boulevard, Wickliffe, Ohio 39 Sejongno, Junggu, Seoul, Korea
44092-2298
CLEVELAND, August 22, 2015 -The Lubrizol Corporation and Daelim Industrial
announce they have signed a technology license agreement granting Lubrizol the
right to use Daelim technology for the manufacture of polyisobutylenes (PIBs).
Daelim is a leading provider of high-quality petrochemical products and services
and their technology has high value to Lubrizol, the largest manufacturer of
conventional PIB (CPIB).
The Daelim technology can produce a wide range of polyisobutylenes from CPIB to
highly reactive PIB (HR-PIB). PIB is a key raw material in the manufacture of
Lubrizol's proprietary dispersants.
This agreement is consistent with Lubrizol continuing to renew its additives
infrastructure as part of its previously announced 10-year phased investment
plan. The plan is designed to upgrade and enhance the company's global
capabilities.
"Through this agreement Lubrizol will ensure its access to process technology
that offers the company multiple benefits," states Dan Sheets, president of
Lubrizol Additives. "It provides Lubrizol formulating flexibility to meet the
evolving performance needs of the global lubricant and fuel additives markets
over time."
Jaeyul Kim, Daelim Industrial chief executive officer, says, "This agreement
demonstrates that Lubrizol recognizes the importance of Daelim's proprietary
technology and the many benefits it will provide Lubrizol in strengthening its
formulation capabilities."
With the agreement signed, Lubrizol will move into the initial engineering phase
of the manufacturing project. The expected timing from license agreement to
commercial operations at its Deer Park, TX site is projected to be three years
minimum.
About Daelim Industrial
Daelim Industrial is a construction and petrochemical company that is a part of
the Daelim Group hailing from South Korea. As the first Korean company to build
petrochemical plants in the Middle East, Daelim continues to expand globally.
Daelim builds petrochemical, refinery and power plants in more than 36
countries. Daelim also owns and operates petrochemical plants in South Korea.
Daelim manufactures a wide variety of monomer and polymer products such as
polyethylene, polypropylene, and many more such as Daelim's conventional and
highly reactive polyisobutylene, which is specifically used for fuel and
lubricant additives for use in automotive.
With headquarters in Seoul, South Korea, Daelim completed more than 600
engineering and construction projects around the world, as well as operates
manufacturing facilities in South Korea. Founded in 1939, Daelim has
approximately 5,300 employees worldwide. Revenues for 2014 were $8 billion. For
more information, visit Daelim.co.kr/Daelimchem.co.kr.
About The Lubrizol Corporation
The Lubrizol Corporation, a Berkshire Hathaway company, is a technology-driven
global company that combines complex, specialty chemicals to optimize the
quality, performance and value of customers' products while reducing their
environmental impact. It produces and supplies technologies to customers in the
global transportation, industrial and consumer markets. These technologies
include lubricant additives for engine oils, driveline and other transportation-
related fluids, industrial lubricants, as well as additives for gasoline and
diesel fuel. In addition, Lubrizol makes ingredients and additives for home
care and personal care products and pharmaceuticals, and specialty materials,
including plastics technology and performance coatings in the form of specialty
resins and additives. Our products for the oilfield market include technologies
for exploration, production and transportation.
With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing
facilities in 17 countries, as well as sales and technical offices around the
world. Founded in 1928, Lubrizol has approximately 8,000 employees worldwide.
Revenues for 2014 were $7 billion. For more information, visit Lubrizol.com.
Media Contacts
Julie S. Young
The Lubrizol Corporation
440-347-4432
Website: www.lubrizol.com
Jaewook Kim
Petrochemical Division
Daelim Industrial Co., Ltd.
+82-2-3708-3436
Website: www.daelim.co.kr
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Lubrizol via GlobeNewswire
[HUG#1946596]
Unternehmensinformation / Kurzprofil:
Datum: 23.08.2015 - 05:01 Uhr
Sprache: Deutsch
News-ID 415344
Anzahl Zeichen: 5397
contact information:
Town:
Wickliffe, Ohio
Kategorie:
Business News
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