Oxea to Build New Amines Plant in China Joint Venture to Be Formed with Chengxing Group

25-Sep-2008 - China

OXEA and the Chinese listed Chengxing Group signed an agreement with the Changzhou Municipal Government for the approval of a land grant in the Changzhou Yangtze River Chemical Industrial Park in order to build a plant for the production of amines and other chemicals. Oxea and Chengxing are planning to form a new joint venture company with Oxea as the majority shareholder. It is the first major investment for Oxea in China to better serve its customers worldwide and participate in this fast growing market. Amines are mainly used for the production of pharmaceuticals, dyes, agrochemicals and polymer additives.

"Our new plant will primarily serve customers in China and Asia but we will also cater to the global markets", said Miguel Mantas, member of the Oxea Executive Board. "And the new site could be the nucleus for other products because we continue to pursue our strategy of expanding into growth markets while optimizing and enhancing our own value chain and product portfolio", he emphasized.

The site location was chosen based on several advantages of the Changzhou Yangtze River Chemical Industrial Park, such as close proximity to customers, good logistics, well developed infrastructure, availability of key raw materials, well-trained human resources and significant potential for future growth.

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