Degussa Signs a Precontract with Jilin University on high performance polymers PEEK and PES

07-Dec-2004

Prof. Dr. Utz-Hellmuth Felcht, Chairman of the Board of Management of Degussa AG, signed a precontract with Prof. Zhou Qifeng, President of Jilin University, to buy an equity stake of 80% of Changchun Jida High Performance Materials Co., Ltd. ("Jida New Materials"), a subsidiary of Jilin University in Changchun, northern China. The document was signed in the presence of German Chancellor Gerhard Schroeder and Wen Jiabao, Premier of China. The Degussa Management Board Chairman is a member of the business delegation that is accompanying the Chancellor on his current China trip. The precontract governs the cooperation concerning the two high performance polymers PEEK and PES, both developed by Jilin University. Earlier this year, Degussa already signed a letter of intent with Jida New Materials for the joint development, production and marketing of PEEK and PES. The final joint venture contracts are subject to supervisory board approval. Felcht commented this deal: "With this successful project we have established a new model for cooperation between German and Chinese companies: In this particular case, Jida New Materials and Jilin University have developed these high-tech materials, while Degussa will utilize its sales, marketing, project management experience and capital resources." The cooperation with Jida New Materials will enable Degussa to strengthen its High Performance Polymers Business Unit, which produces specialty polymers as well as high-quality high performance polymers - some of them unique - based on polyamide 12 and polybutylenterephthalate.

https://www.chemeurope.com/en/news/41490/degussa-signs-a-precontract-with-jilin-university-on-high-performance-polymers-peek-and-pes.html