Allnex Signs Joint Venture for Resins in China
BRUSSELS – Allnex and Eternal Materials Co. Ltd. signed a joint venture agreement on September 3, 2014. The agreement involves the manufacture and supply of Allnex’s CYMEL® and Eternal’s ETERMINO amino crosslinker resins in Greater China. The joint venture will invest in a new manufacturing facility in China. Local production of Allnex’s CYMEL amino crosslinker resins is expected by the end of 2015.
The joint venture will allow Allnex to increase its presence in Greater China and to meet its ambitious growth targets. In order to support the increased sales in the region, a new manufacturing facility will be built in Zhuhai, China.
“Since Allnex became an independent company in 2013, a focus of our strategy has been to further globalize our business,” said Allnex CEO Frank Aranzana. “Supported by Advent International, our shareholder, we have been looking from the start for opportunities to grow our presence in the emerging regions, and we are proud to announce today our joint venture with Eternal. We firmly believe that the joint venture will help us to better service our customers in Greater China.”