Shanghai, China — Chinese MDI major Wanhua Chemicals will integrate its Hungarian sister company, Borsodchem, Peter Huo, Wanhua vice president, told UTECH-polyurethane.com in an exclusive interview at UTECH Asia 2016, but it's not clear when.
UTECH Asia 2016: Borsodchem still potential to be integrated into Wanhua Chemical
Huo said: “Borsodchem is doing well. He also confirmed that Wanhua supplies management expertise to Borsodchem. “The Chinese government has recommended that we turn a multi-layer ownership structure into one layer. There would be no parent company, just one company. I’m not saying we’ll do it any time soon but it’s a potential.”
He explained that the Wanhua Industrial Group is 47% owned by the Chinese government and 53% owned by investors. Wanhua Industrial Group has 96% of Borsodchem.
Wanhua Chemical is 51% owned by Wanhua Industrial Group, the rest belongs to investors.