16 March 2016
DETAILS
Kolon Plastics and BASF
today signed an agreement
to establish a joint venture in Korea
to manufacture
polyoxymethylene (POM),
an engineering plastic used in industrial, transportation,
construction and consumer markets.
The products are to be marketed around the world
separately by the two companies
under their respective trade names
and proprietary formulations.
Following the start-up of the new plant
in Korea in the second half of 2018,
BASF will discontinue production of POM in Ludwigshafen.
The 50:50 joint venture named
“Kolon BASF innoPOM, Inc.”
will have an annual capacity of 70,000 metric tons.
It will be located at the existing manufacturing site
of Kolon Plastics in Gimcheon, Korea,
which already includes a POM production.
The start of operation is scheduled
for the second half of 2018 creating in
total the world’s largest complex for the production of POM.
Both companies have long-term experience in POM production
and will use Kolon’s highly efficient production technology
to provide best-in-class product quality.
Mr. Hee Goo Jang,
CEO of Kolon Plastics
“In the new joint venture the strengths of each company
will be reinforced enhancing our overall competitiveness.
Kolon Plastics’ globally leading technology
and the efficiencies of the existing infrastructure
will generate significant synergies.
We are looking forward to this joint venture
that may lead to further opportunities for cooperation,”
Raimar Jahn,
President of BASF’s Performance Materials division
“Kolon and BASF have had an excellent business relationship
for many years,”
“The markets for POM are growing around the world.
Particularly in Asia the joint venture
will strengthen our ability to support our customers
with high-performing, innovative specialties.”
Media Inquiries
Kolon Contacts:
Yung-koo Park
Phone: +82 2 3677 3612
Yoon-kee Lee
Phone: +82 2 3677 3628
BASF Contacts:
Global
Sabrina van der Pütten
Phone: +49 (0)621 60-71233
sabrina.van-der-puetten@basf.com
Trade media
Martin Rissmann
Phone: +32 2 373-2131
martin.rissmann@basf.com
WWW.CHEMWINFO.COM BY KHUN PHICHAI
