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Biz News Korea(Eng)
Huvis to set up JV with Thailand’s Indorama Ventures in U.S.
- Collected
- 2018.01.16
- Distributed
- 2018.01.16
- Source
- Go Direct
The two firms aim to set up a 50:50 joint venture in the U.S. within this year and start operation next year, and have been ironing out details of the plan including its place and financial terms.
The new JV will be capable of producing 60,000 tons of LMF a year, according to the company. LMF is an eco-friendly adhesive used in producing padding, insulating materials, filters and mattresses. LMF can be melted at lower temperatures than regular fiber and bonded with other materials.
The two firms picked the U.S. as a country to produce and sell the LMF products due to low corporate tax and great potential to expand sales to adjacent areas including Canada and Mexico, said the company.
The U.S. LMF market has been showing a stable growth rate of 8 percent annually as a growing number of global manufacturers prefer to use eco-friendly adhesives over chemically treated resin ones, Huvis said.
As of 12:42 p.m. on Tuesday, shares of Huvis fell 2.17 percent to 11,250 won in Seoul trading.
By Hwang Soon-min and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]