BASF and Hannong Chemicals are planning to establish a production joint venture “BASF Hannong Chemicals Solutions Ltd”, subject to the approval of all relevant authorities.
BASF will hold 51% and Hannong Chemicals 49% shareholding, in the proposed joint venture.
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Enabling Them to Cater to Increasing Market Demand
The joint venture will combine BASF’s strong technology and product innovation capabilities with Hannong’s highly efficient production capabilities to supply best-in-class non-ionic surfactant products to BASF and Hannong Chemicals, each with their own sales and distribution network, enabling the two companies to cater to increasing market demand.
The new company will be located in the Daejuk site at the Daesan Industrial Complex in Korea.
“BASF is delighted to partner with Hannong Chemicals. With this proposed joint venture, BASF continues to establish the capability to further serve the Asian market, by offering specialty non-ionic surfactants and a reliable supply experience to our customers,” said Ralph Schweens, president, of Care Chemicals, BASF.
Non-ionic surfactants are used in a wide range of industry segments, including home care, personal care, industrial and institutional cleaning applications as well as various industrial formulations segments. They are employed in formulations for laundry detergents, surface cleaners, and dishwasher detergents, as well as for leather and textile treatment, metal surface cleaning, and others.
Kim, Eung Sang, CEO of Hannong Chemicals, added,
“It is an honor to work with BASF, a leading solution provider to the consumer industries. We look forward to cooperating with BASF to strengthen the new joint venture. Together, BASF and Hannong Chemicals will further enhance the joint venture’s position in the non-ionic surfactants market and provide top-tier products to customers in Asia.”
Both companies are striving to receive statutory approvals as soon as possible, and target to establish the joint venture in the first quarter of 2023.
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Source: BASF