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Kolon Plastics to set up POM production JV with BASF

Collected: 2016.03.17

Distributed: 2016.03.18

Source: Go Direct

South Korea’s Kolon Plastics Inc. will set up a 50:50 joint venture with BASF SE, the world’s largest chemical producer, to mass produce polyoxymethylenes (POM), engineering plastics used mainly in car part components, according to the companies Wednesday.

The 50-50 joint venture named Kolon BASF innoPOM Inc. will add a POM production facility with an annual capacity of 70,000 metric tons of POM to Kolon Plastics’ Gimcheon plant. The expansion will up the Gimcheon plant’s annual capacity of POM to 150,000 metric tons, which will be the largest POM-producing plant in the world.

Both Korea-based and Germany-based plastic manufacturers have ample experience and know-how in the field and POM to be produced at the Gimcheon plant will be supplied to both firms for global distribution.

Raimar Jahn, president of performance materials at BASF, anticipated that the JV of Kolon Plastics and BASF, long-time partners, will deliver innovative, high-performance engineering plastics to Asian consumers amid rising global demand.

When the new factory in Korea commences mass production in the second half of 2018 as expected, BASF will stop producing POM at its plant in Ludwigshafen, Germany.

By Yoon Jin-ho

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