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. 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.

Songwon and Tangshan Baifu Chemical Co. Ltd. have 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 have a capacity of 6,000 tons of Thioester antioxidants.