Songwon partners for additives JV in China
The joint venture between Songwon and Qingdao Long Fortune Chemical & Auxiliary Co. Ltd. will be based in the Qingdao area of Eastern China.
South Korean additives manufacturer Songwon Industrial Group has signed a joint venture agreement with Qingdao Long Fortune Chemical & Auxiliary Co. Ltd. for the production and sale of its One Pack Systems (OPS) and the sale of polymer stabilisers in China, one of the world’s largest and fastest growing polymer markets.
The JV, which will be based in the Qingdao area of Eastern China, will also set up an OPS plant which will be located in the Pingdu County industrial park. Construction is estimated to start at the end of second quarter of 2015 and the plant is expected to be fully operational by the end of the first quarter in 2016.
According to a statement from Songwon, the establishment of a manufacturing facility that provides customers with innovative additive formulations in customised, dust free and easy disposable product forms, positions the JV to become a preferred supplier to the polymer industry in China.