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On October 6, BASF announced that BASF and Hannong Chemicals plan to establish a production joint venture, "BASF Hannong Chemical Solutions GmbH,"
with the approval of all relevant authorities.
In the proposed joint venture, BASF will hold a 51% stake and Hannong Chemical will hold a 49% stake
.
The joint venture will combine BASF's strong technical and product innovation capabilities with Hanong's efficient production capabilities to provide BASF and Hannong with first-class nonionic surfactant products, each with its own sales and distribution network, enabling both companies to meet the growing market demand
.
It is reported that the new company will be located in the Daejeon factory
in the Daejeon Industrial Park in South Korea.
Ralph Schweens, President of BASF's Care Chemicals Division, said that BASF is pleased to partner with Hannong Chemical, and through this proposed joint venture, BASF will continue to build its ability to further serve the Asian market, providing our customers with professional nonionic surfactants and a reliable supply experience
.
Kim Eun-sang, CEO of Hannong Chemical, added: "It is an honor to partner
with BASF, a leading solution provider in the consumer industry.
We look forward to working with BASF to strengthen the new joint venture
.
" Together, BASF and Hannong Chemical will further strengthen the joint venture's position in the nonionic surfactants market and provide top-of-the-line products
to customers in Asia.
”
Both companies are working to obtain statutory approval as soon as possible, with the goal of forming a joint venture in the first quarter of 2023
.
Introduction of Hannong Chemical
Hannong Chemical Co.
, Ltd.
is a Korea-based company engaged in the production and sales
of ethylene oxide derivatives (EOAs).
The company operates its business through three divisions
.
The EOA segment manufactures surfactants for softeners, antistatic agents and other products
.
The Glycol Ether (GE) division manufactures glycol ethers for semiconductor liquid crystal display (LCD) peeling agents, cleaning agents, etc
.
The Emulsifier (EM) segment offers applications for general industrial, pesticide and other industries
.
