Songwon Industrial Group will build a polymer stabilizers plant in China through a joint venture with a firm based in that country.
Songwon of Ulsan, South Korea, and Qingdao Long Fortune Chemical & Auxiliary Co. Ltd. will join forces to build the one-pack systems (OPS) stabilizer plant in Qingdao. Construction is set to begin by mid-2015, with the plant expected to be fully operational by the end of the first quarter of 2016.
In a May 4 news release, officials with both firms said that building the plant provides customers with additive formulations in customized, dust-free and easily disposable product forms. The plant also will position the JV to become a preferred supplier to the polymer industry in China, they added.
The formation of the JV is Songwon's first major deal since it bought the polymer stabilizer business of India's SeQuent Scientific Ltd. in April 2014.
Songwon employs almost 700 worldwide and has annual sales of more than $650 million.
