A British company is finally set to join the ranks of international companies investing in Korea since it had to call on the IMF for rescue financing late last year. Imperial Chemical Industries PLC (ICI) plans to make an initial investment of US$58 million in a strategic alliance with Dongsung Chemical Co., Ltd., the British Embassy in Seoul announced Thursday. The National Starch Co., an affiliate of ICI, signed a contract with Dongsung to establish a joint venture in Korea. Dongsung's input into the joint venture includes production facilities, business rights and technical expertise in industrial adhesive items, all with an estimated combined worth of US$58 million. Dongsung has been a supplier of soles for sports shoes for Nike and Reebok. ICI is one of the five largest business enterprises in Britain, with 1997 sales of US$18.2 billion, and National Starch is well known for its technical expertise in industrial adhesives. In addition, with the two companies planning to collaborate in other fields in the future, further investment in the country is anticipated.
(Choi Hong-sup, hschoi@chosun.com)
