BASF Signs Letter of Intent to Supply Neopentyl Glycol to KHUA
July 12 2023 - 4:13AM
Dow Jones News
By Giulia Petroni
BASF has signed a letter of intent to supply neopentyl glycol
from its Zhanjiang Verbund site in China to Zhejiang Guanghua
Technology.
The German chemical company said Wednesday that Zhejiang
Guanghua Technology, also known as KHUA, plans to build a
100,000-tons-a-year production plant for powder coating resins in
Donghai Island, where BASF is building a neopentyl glycol
plant.
"This strategic move will create synergies that benefit both
parties, including enhanced collaboration and supply reliability,
faster delivery, access to shared resources, and reduced costs,"
said Vasilios Galanos, senior vice president, intermediates Asia
Pacific at BASF.
The plant at the Zhanjiang Verbund site is expected to be
available from the fourth quarter of 2025, BASF said. The company
added that its global neopentyl glycol capacity will be boosted to
335,000 metric tons annually from 255,000 metric tons.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 12, 2023 03:58 ET (07:58 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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