Joint venture in Korea between Perstorp and Hansol approved

12-Jun-2003

Plans for the Formation of a joint venture between Perstorp of Sweden and Hansol Chemience of Korea for the production and marketing of specialty chemical products in Korea were announced in mid-February. The competition authorities have now approved the plans and the agreement was signed at the end of May. The joint venture will strengthen Perstorp's leading position in its segments of the specialty chemicals market. Perstorp will control 51% of the joint venture. "The formation of Hansol-Perstorp Co. Ltd will further strengthen Perstorp's position in the fast-growing Asian market. The newly launched company will have approximately 30 employees, including eight at the office in Seoul," says Bengt Sallmén, manager of the Perstorp Coating Intermediates business area, commenting on the joint venture. "It is estimated that the joint venture will have sales exceeding USD 10 million." The new company will include Hansol's production plant in Ulsan, Korea, where the specialty chemical products Trimethylolpropane (TMP) and sodium formate are manufactured. TMP is a polyol used primarily in the production of resins for coating systems and of synthetic lubricants. Sodium formate is used mainly in the production of high-performance bleaching systems for paper and textile industries. "The joint venture will improve our positions in the markets for our most important products. At the same time, we will gain an additional production unit in Asia, which will enhance our potential to develop our position in the region," Bengt Sallmén adds.

https://www.chemeurope.com/en/news/24039/joint-venture-in-korea-between-perstorp-and-hansol-approved.html