Songwon forms JV with Qingdao Long Fortune for additives in China

The South Korean additives manufacturer Songwon Industrial Group has signed a joint venture agreement with Qingdao Long Fortune Chemical & Auxiliary Co Ltd (QLF) 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 Q1 in 2016.
 
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.
 
Jongho Park, chairman and CEO of Songwon, said, “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 stabiliser supplier in this important region.”
 
Feng Huang, General Manager of QLF, added, “We are excited to partner with a leading global player to complement our extensive experience in the Chinese polymer industry. Our joint venture brings promising opportunities for growth and we are confident that it will also generate attractive returns.”