Westlake Chemical Corp. has acquired an additional 35.7 percent interest in Suzhou Huasu Plastics Co. Ltd., a joint venture maker of PVC resin, film, profile and laminates based in Taicang, China, outside Shanghai.
Houston-based Westlake bought the stake from Ineos ChlorVinyls Holdings BV. Westlake now owns a 95 percent interest in the joint venture.
Albert Chao, president and CEO of Westlake, said in a news release: “We are pleased to increase our shareholding in this important joint venture serving the Chinese and export markets. We wish to thank Ineos ChlorVinyls Holdings BV for its past support and contribution toward the growth of SHPC.”
Suzhou Huasu, now a subsidiary of Westlake, manufactures PVC resin and products including films and laminates that are used in residential decoration, swimming pools, automotive, stationery, insulation, medical products, inflatable products and packaging.
Suzhou Huasu has annual capacity of 140,000 metric tons of PVC resin, 60,000 tonnes of PVC film, 16 million yards of laminated products, 30 million yards of printed products, 3,000 tonnes of PVC compounds and 12,000 tonnes of profiles.
SHPC was established in 1992 by Zhao Tingzhen, former president of Westlake. Westlake originally owned 58 percent of the venture, with the remaining interest held by Ineos and Jiangsu Suhua Group. The initial investment was $100 million.
Westlake, with annual sales of $4.4 billion, makes ethylene, polyethylene, styrene, propylene, caustic, vinyl chloride monomer, PVC suspension and specialty resins and building products.
Neither company agreed to comment for this story in time for publication.
SHPC was established in 1992 by Zhao Tingzhen, former president of Westlake. Westlake originally owned 58 percent of the venture, with the remaining interest held by Ineos and Jiangsu Suhua Group. The initial investment was $100 million.
Westlake, with annual sales of $4.4 billion, makes ethylene, polyethylene, styrene, propylene, caustic, vinyl chloride monomer, PVC suspension and specialty resins and building products.
Neither company agreed to comment for this story in time for publication.