By Nina Ying Sun, Plastics News Staff
Baton Rouge, Louisiana - Speciality chemicals maker Albemarle Corp. has completed its acquisition of full ownership of two Chinese joint ventures that produce plastic additives.
The two subsidiaries are Ningbo Jinhai Albemarle Chemical & Industry Co. Ltd in Ningbo, Zhejiang province, and Shanghai Jinhai Albemarle Fine Chemicals Co. Ltd in Shanghai.
The deal closed on 30 June, said Baton Rouge-based Albemarle in a news release.
"By taking full ownership of these two integrated production sites in China and doubling antioxidant production capacity at the Shanghai facility, announced earlier this year, Albemarle is now the leading manufacturer and supplier of polymer antioxidants in China and one of the top suppliers worldwide," said John Sun in the release. He is division vice president of Albemarle's stabilisers and curatives business and managing director of Albemarle's China operations.
Albemarle president and chief executive officer Mark Rohr added, "Over the next three years, we expect to make significant progress toward our strategic growth objectives, as well as to become the No. 1 green solutions provider to our chosen markets, including polymer additives. Our growing workforce and productivity in China will play an important role in that strategy."