Rohm and Haas Company and SKC Agree to Form Joint Venture Serving the Flat Panel Display Industry
Rohm and Haas Company and SKC, Incorporated, have announced the formation of a joint venture that will develop, manufacture and market advanced optical and functional films used in the flat panel display industry. As part of the new joint venture arrangement, SKC will spin-off its Display Technologies business into a separate legal entity. Rohm and Haas will invest to become a 51 percent owner in the new company. Closing of this transaction is expected to occur in the fourth quarter of 2007 pending approval by regulatory authorities.
Rohm and Haas will have a controlling interest in the JV, which will be headquartered in Korea. Sales are projected to be approximately $300 million (U.S.) in the joint venture's first year of operation. Rohm and Haas's investment in the JV is expected to be approximately $190 million. When combined with the acquisition of Eastman Kodak Company's Light Management Films business earlier this year, Rohm and Haas will have invested approximately $230 million to build a major new business unit - Flat Panel Display Technologies - within its Electronic Materials group. Overall sales of the new business unit are expected to be approximately $350 million in 2008.
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