Chemtura becomes sole owner of DayStar Materials.
M2 EQUITYBITES-May 15, 2013-Chemtura becomes sole owner of DayStar Materials(C)2013 M2 COMMUNICATIONS http://www.m2.com
15 May 2013 - US speciality chemicals producer Chemtura Corp (NYSE:CHMT) on Wednesday said it had bought the 50% interest not yet owned in South Korean joint venture DayStar Materials LLC from partner UP Chemical Co Ltd for an undisclosed sum.
DayStar, which supplies high-purity metal organic precursors to the light-emitting diode (LED) market, will become part of Chemtura's Organometallic Specialties (OMS) business and will be key to the implementation of the unit's strategy to secure a sustainable competitive edge, the buyer noted.
Through the move, Chemtura expands its position in high-purity metal organic precursors for high-brightness led and other compound-semiconductor markets, the company said.
The venture was established by the partners in 2011.
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