DL Chemical has signed a binding memorandum of understanding with Glenwood Private Equity to sell Cariflex, the Singapore-based maker of medical-grade synthetic rubber, its parent DL Corporation said in a regulatory filing on 4 November 2026.
Why Glenwood Private Equity Co., Ltd. is buying Cariflex Pte. Ltd. (100%, from DL Chemical)
Korean media reported that DL Chemical is selling Cariflex to cut debt and strengthen its balance sheet. The group took on about ₩1tn of borrowing after buying Kraton in 2022, and a downturn in petrochemicals, including losses at its Yeocheon NCC joint venture with Hanwha Solutions, has added pressure.
Deal terms and financing
DL said the binding MOU sets out the basic terms ahead of a definitive contract and that the parties are negotiating specific conditions. No price was disclosed; Hankyung and Aju Business Daily reported a valuation in the mid-to-high ₩1tn range for 100% of the company. UBS ran the sale process.
Regulatory approvals and timing
DL said it would make a further disclosure when a definitive agreement is signed or within six months, setting a re-disclosure date of 3 May 2027.
Market context
DL Chemical bought Cariflex from Kraton in 2020 for US$530m. Cariflex produces polyisoprene rubber and latex, which contains no natural rubber proteins that can cause allergies, and is used in surgical gloves and syringe stoppers. It expanded its plant in Brazil in 2021 and opened a new polyisoprene latex plant in Singapore in 2025. Hankyung said the deal would be the first trillion-won buyout by a Korean private equity firm in about two years; Glenwood previously bought LG Chem's water treatment unit.
