Polymer Stabilizers Songwon enters JV with Qingdao of China for Polymer Stabilizers
Songwon has signed a joint venture (JV) agreement with Qingdao Long Fortune Chemical & Auxiliary for a joint polymer stabilizers business, including a state-of-the-art production site.
Ulsan/South Korea – The JV will be headquartered in the Qingdao area of Eastern China. The agreement also includes investment into a state-of-the-art polymer stabilizers production plant in the Pingdu County industrial park. Construction is scheduled to start at the end of Q2/2015 will full operationality by the end of Q1/2016.
The establishment of a manufacturing facility that provides customers with innovative additive formulations in customized, dust free and easy disposable product forms, positions the JV to become a preferred supplier to the polymer industry in China.
“We are pleased to be teaming up with a competent partner that has such a superb reputation among all the major Chinese polyolefin manufacturers,” said Jongho Park, Chairman and CEO of Songwon. “The partnership provides an excellent opportunity for us to build a manufacturing presence in China and further strengthens Songwon’s ambition to become a leading polymer stabilizer supplier in this important region.”