DuPont Performance Polymers and Chenguang Chemical Research Institute announce signing of definitive agreements
DuPont Performance Polymers and Chenguang Chemical Research Institute, a subsidiary owned by China National Chemical Corporation (ChemChina), announced at the ChemChina Beijing office that they have signed definitive agreements to form a 50/50 joint venture for the production and marketing of fluoroelastomer gums and precompounds in China.
The joint venture, which will include a new state-of-the-art precompounding plant to be constructed in Shanghai, is expected to be operational in the first half of 2013, pending appropriate government approvals. Groundbreaking for the new precompounding plant also will commence during that period.
"This joint venture combines DuPont's leading fluoroelastomer technology, global reach and strong DuPont™ Viton® brand with Chenguang's integrated manufacturing position and strong China presence to yield new capabilities to serve customers," said Diane H. Gulyas, President of DuPont Performance Polymers. "This investment will enhance DuPont's ability to meet rapidly growing fluoroelastomer demand and bring industry-leading products and technology-based solutions to customers in China and globally." She further remarked that this collaboration reaffirms DuPont's ongoing commitment to the automotive industry and provides strong regional assets to meet ever-growing customer needs.
"The signing of the joint venture contract is an example of the successful cooperation between DuPont and ChemChina. It will have a positive impact on our technology base and international market exposure while establishing a good foundation for future cooperation between DuPont and ChemChina," said Hu Dongcheng, President of ChemChina subsidiary China Haohua Chemical Group.
DuPont Performance Polymers is committed to working with customers throughout the world to develop new products, components and systems that help reduce dependence on fossil fuels and protect people and the environment. With more than 40 manufacturing, development and research centers throughout the world, DuPont Performance Polymers uses the industry's broadest portfolio of plastics, elastomers, renewably sourced polymers, filaments and high-performance parts and shapes to deliver cost-effective solutions to customers in aerospace, automotive, consumer, electrical, electronic, industrial, sporting goods and other diversified industries.
Chenguang Chemical Research Institute is a subsidiary of China Haohua National Chemical under China National Chemical Corporation (ChemChina), a large state-owned enterprise established in May 2004. Since its founding, ChemChina has been following the development concept of "Traditional Chemicals, Advanced Materials," insisting on providing high-quality products and services in China with a global view, utilizing best practices and maintaining a leading position in the chemical industry. As an outstanding subsidiary of ChemChina, Chenguang has excellent capabilities in research and development, and leading technology and equipment for fluoroelastomer gum production in China.