[Money Today] Mon, Janury. 26, 2004SK chemicals announced on January 26 that it signed a technical cooperation agreement with U.S. Honeywell. SK chemicals will produce approximately 5,000t/year of Honeywell?s B&JHP solvent beginning from July at Ulsan Factory. SK chemicals is planning to distribute it to Asian countries as well as the domestic industries, such as specialty chemistry, life science, electronics and agricultural chemicals. Honeywell has produced the solvent for more than 40 years, which has been proved to be very stable and safe. It has the highest market share in the United States.SK chemicals is strategically planning to develop the Ulsan factory to a Distribution and Technical Support Center and develop the solvent to a business worth 50 billion won by the year 2007.SK chemicals commented, ?Not only will we no longer have to import, but it will also make exporting possible. It will raise the phase of our R&D and improve the R&D infrastructure.? Also, solvent is used at a laboratory for analyzing composition of medicine or reagent for electronically industry. Currently Honeywell, Merck, JT, Baker and Sigma are also producing solvent.Reporter- Lee Eun jeong