16 December 2002
16 December 2002
DSM Composite Resins (Switzerland) and Sinopec Jinling Petrochemical Corporation (The People's Republic of China) have reached an agreement whereby DSM acquires another 25% of the shares in the Jinling-DSM Resins Ltd. (JDR) joint venture.
This will give DSM a 75% holding in the joint venture, with Sinopec holding the remaining 25% of shares. The partners have further agreed to invest in an increase in the capacity of the Nanjing production site.
""The capacity expansion and the share transfer will boost DSM's position in Asia Pacific and will be a stepping stone for further growth in the Chinese and Asian markets,"" says Jos Schneiders, President of DSM Composite Resins. ""The expansion in China underlines our conviction that this market will develop rapidly. Through this move we are strategically positioning ourselves as a leading enterprise in this industry. The move is fully in line with DSM's Vision 2005 corporate strategy, which is focused on accelerated growth in life science products and performance materials,"" says Schneiders.
DSM became a partner in the joint venture with Sinopec in 1996, when it took over BASF's 50% holding. Since then, DSM's prime involvement has been to restructure the company and to grow its position in the PRC market as a leading producer of high-added-value resins for the fast growing Chinese composites market. In recent years, as the activities of the joint venture developed, many DSM technologies were incorporated into the company's manufacturing system.
""The production site is now highly respected for its state-of-the-art technology, its flexible solutions and its use of DSM's EurotinterTM technology in gelcoats. JDR also has one of the best reputations in environmental practices and complies with the highest safety, health and environmental requirements developed for this industry,"" says Paul Booms, General Manager of JDR.
JDR has quadrupled its production volume over the last few years and is now recognized as a leading player in the top end of the composites market. To meet customers' ever-increasing demands, a multi-million Euro capacity expansion programme will be initiated, increasing capacity to ultimately 50,000 mt. The commissioning of this extra capacity, which is expected to start mid 2003, will enable JDR to supply composite resins and gelcoats to key market sectors such as tanks and pipes, transportation, SMC and other closed mould converters and the marine, sanitary and construction industries.
Driven by successes such as the JDR expansion serving China, DSM Composite Resins plans to extend its global coverage and strengthen its position in its export business as well. A designated team based in Schaffhausen will explore growth opportunities and market positions in the rest of Asia, Europe and USA.
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