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.
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.
a press conference held in Düsseldorf,
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
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
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
products directly to the Chinese market; however, it will use the Songwon
global network for all sales outside of China.