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New Chinese Joint Venture for the Production of High Performance Polymer PEEK

10 June 2005

Representatives of Degussa AG of Dusseldorf, Germany, and Jilin University of north China signed an agreement in Dusseldorf last week concerning collaboration in a joint venture.

Pending approval by the relevant bodies and obtainment of all the necessary Chinese permits, the new business enterprise will be taking up work under the name of JIDA Degussa High Performance Polymers Changchun Co. Ltd. (JIDA Degussa). The goal of the new joint venture is to develop and manufacture polyetheretherketone (PEEK) and polyethersulfone (PES).

This marks the successful completion of negotiations, preceded by conclusion of a precontract in December 2004. Degussa will hold an 80 percent share in the new joint venture, and Jilin University 20 percent. The university is the technology provider in the joint venture and will also act as a research partner in future. The new joint venture will benefit from the respective strengths of Degussa and Jilin University, namely financial resources and leading technology in high temperature polymers.

JIDA Degussa will enable the Degussa High Performance Polymers Business Unit to expand its range of products in the attractive segment of high-performance polymers, which have to fulfil exceptional mechanical, thermal and chemical requirements. In this respect, the business unit is setting its sights on the automotive engineering and electronics end markets and the aerospace industry in particular.

As Dr. Joachim Leluschko, Head of the High Performance Polymers Business Unit, states, ""JIDA Degussa is an important step forward in positioning our business unit as a broad systems supplier of polymeric materials. The decisive success factor is the fact that we will be able to make use of Degussa's global sales network.""

The High Performance Polymers Business Unit is part of the Specialty Polymers Division, which generated sales of approx. €1.4 billion in fiscal 2004.

In 2004, Degussa generated sales of approx. €300 million in China with a workforce of 1,400 employees. The Group currently operates 18 companies in the country and opened a new research and development centre in Shanghai in spring 2004. A ground-breaking ceremony for a multi-user site, i.e. a location at which several Degussa business units will be setting up new production activities, took place at Shanghai Chemical Industry Park (SCIP) in early November last year.






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