KOLON BASF innoPOM Inc., the 50:50 joint venture between KOLON PLASTICS and BASF established in 2016, started operations at its new polyoxymethylene (POM) production plant in Gimcheon, Korea.
The new production with a capacity of 70,000 metric tons per year, combined with KOLON PLASTICS’ existing annual POM production capacity of 80,000 metric tons, creates the world’s largest POM production facility, with a total annual capacity of 150,000 metric tons. Construction of the KRW 260 billion (approximately USD 220 million) plant, which began in April 2016, lasted for 27 months without any safety or environmental incidents.
“The new plant we have built together with KOLON PLASTICS sets an industry benchmark for the production of POM. It employs innovative environmental management standards that improve production efficiency, resulting in less energy use. With BASF’s first POM production in Asia, we will be able to provide a stable supply of high-quality POM to the Asia Pacific region, as well as to the rest of the world,” said Raimar Jahn, President, Performance Materials, BASF.
“The joint venture leverages the strengths of each company and is a great example of how partners can work together to generate significant synergies and strengthen our global market position. We hope to continue this partnership in other areas of business as well,” said Yeong-Bom Kim, joint-representative of KOLON BASF innoPOM and Representative Director of KOLON PLASTICS.