ULSAN, Korea – Songwon Industrial Co. Ltd., Ulsan, Korea, has announced two new joint ventures, one with Tangshan Baifu Chemical Co. Ltd., Tangshan, China, and one with HPL Additives Ltd. (HPL), Delhi, India.

Songwon and HPL have signed a letter of intent to form Songwon HPL Additives PVT LTD. Accordingly, HPL will transfer all its business and assets related to polymer stabilizers to the new entity, which will be owned 40 percent by HPL and 60 percent by Songwon. The parties expect the new company to be operational by the second quarter of 2011, subject to completion of all necessary formalities. The new company will capitalize on Songwon’s and HPL’s respective strengths to serve the global market.

At a press conference held in Düsseldorf, Germany, during the K 2010 exhibition, Songwon Industrial Co. Ltd. and Tangshan Baifu Chemical Co. Ltd. signed an agreement to establish a joint venture to manufacture and sell Thioester antioxidants. The new company will be named Songwon Baifu Chemical Co. Ltd. and will be operational effective the first quarter of 2011, subject to all necessary legal approvals. The new company will have a capacity of 6,000 tons of Thioester antioxidants. Songwon will initially own a 30-percent share of the new company with the option to expand its shareholding to 50 percent. The joint venture will sell Thioester products directly to the Chinese market; however, it will use the Songwon global network for all sales outside of China.