Chemtura Corp. (NYSE: CHMT) has purchased a 50 percent stake in DayStar Materials LLC, a South Korean company that makes chemicals for light emitting diode (LED) products.
South Korean chemical company Up Chemical Co. Ltd. sold the DayStar stake, giving Chemtura complete ownership of the company. Philadelphia-based Chemtura and Up Chemical formed DayStar as a joint venture in 2011. Terms of the deal were not disclosed.
DayStar will become a part of Chemtura’s metal organics business. Chemtura plans to establish manufacturing and distribution capabilities in Asia to support the electronic-grade trialkyl business, including trimethylgallium, triethylgallium, trimethylaluminum and trimethylindium.
The buyer is a global specialty chemicals company. Chemtura sold off its antioxidant and UV stabilizer businesses to SK Capital Partners for $200 million in November.