Daelim Industrial Co., a major construction and petrochemical firm in South Korea, said Wednesday it will acquire a chemical business of US Kraton Corp. for 618.2 billion won ($529.9 million). 

To acquire the Cariflex business of Kraton, Daelim Industrial will set up a subsidiary in the US, the company said in a regulatory filing. 
The planned acquisition is aimed at helping bolster its line-up of higher-value chemical products, according to the filing. 

Daelim Industrial is the No.-3 builder in South Korea in terms of building capacity, according to recent government data. (Yonhap)