DL Chemical, the world’s largest producer of polybutene, said Tuesday it will acquire Texas-based specialty chemical manufacturer Kraton for $1.6 billion to bolster its presence in the US and European markets. According to the subsidiary of South Korea’s DL Holdings, it will purchase the full stake of Kraton at $45.60 per share. DL will spend $2.5 billion in total, as it will also take over the US firm’s net debt of $900 million. The acquisition will allow DL Chemical to ma

A local research team has developed a new snakeskin-like structure that contains battery cells, which can be potentially applied to soft robots and a wide range of wearable devices. The Korea Institute of Machinery and Materials said Tuesday that a research team led by Jang Bong-kyun and Hyun Seung-min developed the material, inspired by the flexibility and structure of snake scales, that can be shaped without damaging rigid battery cells. The research team said the structure, which contains

Korea’s highest-level discussion body on chips launched to deal with matters like US’ moves

Cabinet endorses enforcement decree despite criticism from both business groups

Daesung Group Chairman Younghoon David Kim on Tuesday presented his vision for a waste-free world by harnessing the power of living microorganisms. Speaking to The Korea Herald at the 2021 Daesung Haegang Microbes Forum in Seoul, he said his energy conglomerate is investing to transform methane emitted from garbage buried inside landfills into useful resources such as biodegradable plastic. “Until now, we have utilized resources made of dead microorganisms, such as oil. It’s ti

SK Innovation and Ford will inject $11.4 billion and create nearly 11,000 new jobs at three new battery factories in Tennessee and Kentucky to produce electric vehicles and batteries. BlueOvalSK, a joint venture between the South Korean battery firm and the US automaker, will establish a twin lithium-ion battery plants in central Kentucky to power a new lineup of Ford and Lincoln EVs. Another one will be set up in west Tennessee, where Ford workers will build next-generation electric F-series

Drone taxis to be rolled out in Seoul in four years

SsangYong Motor Co. and its lead manager said Tuesday they will select a preferred bidder and a secondary preferred bidder for the financially troubled carmaker by mid-October. SsangYong Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., and the bankruptcy court-appointed lead manager EY Hanyoung accounting firm were originally planning to pick the preferred and secondary bidders by the end of this month. "We are planning to announce the selection of a preferred b

The number of South Koreans in the agrofisheries sector is continuing to fall because of a rapid aging and urbanization trend in the country, government data showed Tuesday. Households engaging in the farming business totaled 1.03 million last year, down 4.9 percent from 1.08 million tallied in 2015, according to the data compiled by Statistics Korea. The number of farmers also fell to 2.34 million in 2020, compared with 2.56 million tallied in 2015. In the fishing sector, the number of families

One out of 5 companies in South Korea could not meet its debt obligations for the past three years, a report showed Tuesday. According to an analysis by the Korea Federation of Industries, Korea ranked fourth among 25 member nations of the Organization for Economic Cooperation and Development, with 18.9 percent of its large companies classified as “marginal” as of 2020. A company is categorized as being marginal when its operating profit fails to cover interest payment obligation

South Korea's trade ministry said Tuesday it is currently under negotiations with Guatemala to invite the Central American country to a multilateral trade pact that fully went into effect this year. Trade Minister Yeo Han-koo met his Guatemalan counterpart, Antonio Malouf, in Seoul to discuss Guatemala's entry into the free trade agreement (FTA) between Asia's No. 4 economy and a group of Central American nations. South Korea and five Central American nations -- Costa Rica, El Salvador, Panama,

South Korea's trade ministry said Tuesday it is seeking to forge a deeper partnership with Italy in the biotechnology and eco-friendly energy segments to brace for the post-pandemic recovery and seek sustainable economic growth. South Korea and Italy plan to hold their first round of the strategic meetings for bilateral cooperation in industry and energy in Rome on Tuesday (Italy time), according to the Ministry of Trade, Industry and Energy. The meeting comes as South Korea and Italy agreed to

　Sales of high-end imported cars spiked nearly 66 percent in the first eight months of the year amid the popularity of big-ticket eco-friendly models among local motorists and a post-lockdown shopping spree, industry data showed. 　A total of 45,042 imported vehicles with price tags of 100 million won ($85,700) or higher were sold in South Korea in the January-August period, up 65.5 percent from a year earlier, according to the data from the Korea Automobile Importers and Distributors Associ

Korea’s IP agency chief vows to strengthen patent protection and support R&D in patent licensing

South Korean shipping lines are expected to chalk up record earnings for the third quarter of the year thanks to surging freight rates, a market tracker said Tuesday. HMM Co., South Korea's largest container shipper, is projected to post a consolidated operating income of 1.82 trillion won ($1.54 billion) for the July-September, according to an analysis of brokerage house forecasts. That would break HMM's operating income record of 1.39 trillion won set in the previous quarter, which was up 901