W.W. Grainger Inc. subsidiary Grainger International, Chicago, announced a joint venture with SK Global, a South Korean petrochemical and telecommunications company. Together, the companies plan to create the first Web-based b-to-b procurement platform for maintenance, repair and operations materials in the Korean marketplace. The site is expected to be live by the end of the year. Under the terms of the agreement, Grainger will receive a 49% ownership stake in the joint venture company in exchange for an equity contribution. SK Global, which will manage the operations of the business with technical support from Grainger, will own 51% of the company.