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Regions :: India/Pakistan
K2010: Songwon Takes Majority of Indian Firm; Plans Joint Investment in Mideast Stabilizer Operation
7:14 AM MDT | October 29, 2010 | Natasha Alperowicz in Düsseldorf
Songwon Industrial (Ulsan, Korea), the second-largest producer of antioxidants, signed a deal with HPL Additives (Delhi) today at the K2010 plastics exhibition in Düsseldorf, under which HPL will spin off its polymer stabilizers business into a separate entity that will be owned 60% by Songwon and 40% by HPL. The parties expect the the new company, Songwon HPL Additives, to be operational by the second quarter of next year. The partners, through the new joint venture, plan to establish a one-pack systems (OPS) operation in a Mideast country to cater to the...
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