Songwon Agrees One-Pack Systems JV in China

Korean chemical producer Songwon has signed a joint agreement with China's Qingdao Long Fortune Chemical & Auxiliary (QLF) covering production and sale of its One Pack Systems (OPS) and the sale of polymer stabilizers in China.

The jv will be based in the Qingdao area of eastern China, and the agreement further includes investment in a state-of-the-art OPS plant in the Pingdu County industrial park. Construction is planned to start at the end of the second quarter with full run expected by the end of the first quarter of 2016.

Songwon said the new facility will provide customers with innovative additive formulations in customized, dust free and easy disposable product forms. This, it said, positions the jv to become a preferred supplier to the polymer industry in China.

Jongho Park, CEO of the Korean company, said the partnership with "a competent partner that has such a superb reputation among all the major Chinese polyolefin manufacturers," offers Songwon the opportunity to build a manufacturing presence in China and further strengthens its ambition to become a leading polymer stabilizer supplier in this important region."