SK Global Chemical, the chemical unit of SK Innovation, signed a deal with Dow Chemical to acquire it’s polyvinylidene chloride (PVDC) unit in October. That transaction has now been completed according to a statement issued by SK today. The company said that the acquisition is in line with SK’s future strategy that aims to expand the company’s packaging and automotive materials businesses.

SK now has complete control of properties previously owned by Dow. They include Michigan-based facilities, related technologies and intellectual assets, as well as the trademark right to the plastic wrap brand Saran. PVDC is used for clear film packaging including plastic food wrap. 

The market speculation points at the deal size to be in the region of US$ 75 million. The deal size is undisclosed as SK is not legally bound to make public deals worth less than 2.5 percent of the company’s capital ratio.

In September, the chemical affiliate of SK Innovation finished the transaction of Dow Chemical’s ethylene acrylic acid business for $370 million.