Subject to the approval of all relevant authorities,
BASF
and
Hannong Chemicals
are planning to establish a production joint venture "
BASF Hannong Chemicals Solutions Ltd.
".
BASF
will hold 51% and
Hannong Chemicals
49% shareholding, in the proposed joint venture.
The joint venture will combine
BASF's
strong technology and product innovation capabilities with Hannong's highly efficient production capabilities to supply best-in-class non-ionic surfactant products to
BASF
and
Hannong Chemicals
, each with their own sales and distribution network, enabling the two companies to cater for increasing market demand.
The new company will be located in the Daejuk site at the
Daesan Industrial Complex
in
Korea
.
"
BASF
is delighted to partner with
Hannong Chemicals
. With this proposed joint venture,
BASF
continues to establish the capability to further serve the Asian market, by offering specialty non-ionic surfactants and a reliable supply experience to our customers," said Ralph Schweens, President, Care Chemicals,
BASF
.
Kim,
Eung Sang
, CEO of
Hannong Chemicals
, added: "It is an honor to work with
BASF
, a leading solution provider to the consumer industries. We look forward to cooperating with
BASF
to strengthen the new joint venture. Together,
BASF
and
Hannong Chemicals
will further enhance the joint venture's position in the non-ionic surfactants market and provide top-tier products to customers in
Asia
."
Both companies are striving to receive statutory approvals as soon as possible, and target to establish the joint venture in the first quarter of 2023.
Non-ionic surfactants are used in a wide range of industry segments, including home care, personal care, industrial and institutional cleaning applications as well as various industrial formulations segments. They are employed in formulations for laundry detergents, surface cleaners and dishwasher detergents, as well as for leather and textile treatment, metal surface cleaning, and others.
About Care Chemicals
The
BASF
division Care Chemicals offers a broad range of ingredients for personal care, home care, industrial & institutional cleaning, and technical applications. We are a leading global supplier for the cosmetics industry as well as the detergent and cleaner industry, and support our customers with innovative and sustainable products, solutions and concepts. The division's high-performance product portfolio includes surfactants, emulsifiers, polymers, emollients, chelating agents, cosmetic active ingredients and UV filters. We have production and development sites in all regions and are expanding our presence in emerging markets. Further information is available online at Care 360° - Solutions for Sustainable Life
About
BASF
At
BASF
, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. Around 111.000 employees in the
BASF Group
contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions.
BASF
generated sales of €78.6 billion in 2021.
BASF
shares are traded on the stock exchange in
Frankfurt
(BAS) and as American Depositary Receipts (BASFY) in the
U.S.
Further information at www.basf.com.
About
Hannong Chemicals
Hannong Chemicals
is a manufacturing company that produces basic chemical products used in various industries. Its products are supplied to most product categories, including detergents, textiles, paints, oil refinery, and electronic materials.
Hannong Chemicals
generated sales of ₩268.8 billion in 2021.
Hannong Chemicals
shares are traded on the stock exchange in
Korea Exchange Market
(KOSPI). Further information at www.hannong.co.kr.
BASF Media Contact
Global Trade Media
Birgit Wesche
Phone:+49 173 3478864
birgit.wesche@basf.com
Asia Pacific Media
Eleanor Ng
Phone: +(852) 6293 5892
eleanor.ng@basf.com
Hannong Media Contact
Hannong Chemicals Media Relations
LEE,
BYUNG SUN
Phone: (+82) 31 388-0141
rich@hannong.co.kr
Hannong Chemicals Inc.
54017 Gunsan
http://www.hannong.co.kr
ir@hannong.co.kr
P-22-361
