Momentive Specialty Chemicals Inc. and UPC Technology Corporation Begin Construction of Phenolic Resins Joint Venture Facility in China
Momentive Specialty Chemicals Inc. (“Momentive Specialty Chemicals”), a leading global producer of specialty chemicals and materials, and UPC Technology Corporation (“UPC”), a leading Greater China-based producer of specialty chemicals, have recently broken ground on a joint venture manufacturing facility. The facility will produce specialty phenolic resins and be operated by Zhenjiang Momentive Union Specialty Chemicals Ltd. established in Zhenjiang, mainland China in August 2012 by Momentive Union Specialty Chemicals Ltd. (MUSC), the joint venture incorporated in Hong Kong in March 2012.
Momentive Specialty Chemicals Inc. and UPC Technology Corporation, as well as Li Xiao Ping, Zhenjiang City Government Vice Mayor, (third from left) break ground at the new joint venture site. (Photo: Business Wire)
The new joint venture facility, which will produce specialty phenolic resins, is located in Zhenjiang, Jiangsu, China, and is adjacent to an existing UPC Technology Corporation manufacturing complex. This construction represents the first portion of a two-phase project, which will create an 80 KT/annum specialty phenolic resins facility. The new plant will produce a full range of specialty novolac and resole phenolic resins, which will be provided under several industry-leading trade names of Momentive Specialty Chemicals. These materials are used in applications including refractories, friction, abrasives and electronics. One of Momentive Specialty Chemical's predecessor companies invented phenolic resins and has a rich heritage of more than 100 years of innovation in phenolic technology and product advances.
“After a thorough permitting process, we are pleased to begin construction of the new site with UPC as our valued partner,” said Ian Harris, general manager, MUSC. “We believe Momentive's global leadership in phenolic resins technology, coupled with the regional strength and infrastructure of UPC in Greater China, will allow us to bring our versatile materials to the growing China market.”
About UPC Technology Corporation
UPC Technology Corporation (Taiwan Stock Exchange: code 1313) is a leading producer of bulk and specialty chemicals including plasticizers, phthalic anhydride, fumaric acid, maleic anhydride, polyvinyl chloride (PVC), stabilizer, unsaturated polyester resins and epoxy resins. It is part of the MiTAC-SYNNEX Group, a global conglomerate of 40 companies involved in IT/Consumer Electronics design and manufacturing, electronic chemicals, system integration and mobile solutions, distribution and fulfillment service, and food industry. The Group has more than 40,000 employees worldwide and combined 2011 sales of $25.3 billion. Additional information is available at www.msgroup.com.tw
About Momentive Specialty Chemicals Inc.
Based in Columbus, Ohio, Momentive Specialty Chemicals Inc. (formerly known as Hexion Specialty Chemicals, Inc.) is the global leader in thermoset resins. Momentive Specialty Chemicals Inc. serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Momentive Specialty Chemicals Inc. is an indirect wholly owned subsidiary of Momentive Performance Materials Holdings LLC.
Momentive Performance Materials Holdings LLC (“Momentive”) is the ultimate parent company of Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. Momentive is a global leader in specialty chemicals and materials, with a broad range of advanced specialty products that help industrial and consumer companies support and improve everyday life. Its technology portfolio delivers tailored solutions to meet the diverse needs of its customers around the world. Momentive was formed in October 2010 through the combination of entities that indirectly owned Momentive Performance Materials Inc. and Hexion Specialty Chemicals Inc. The capital structures and legal entity structures of both Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. (formerly known as Hexion Specialty Chemicals, Inc.), and their respective subsidiaries and direct parent companies, remain separate. Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. file separate financial and other reports with the Securities and Exchange Commission. Momentive is controlled by investment funds affiliated with Apollo Global Management, LLC. Additional information about Momentive and its products is available at www.momentive.com.
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