Allnex Signs Joint Venture for Amino Crosslinker Resins
Brussels, September 4, 2014 –– On September 3rd, Allnex and Eternal Materials Co., Ltd. signed a Joint Venture agreement with a view to manufacture and supply Allnex’s CYMEL® and Eternal’s ETERMINO amino crosslinker resins in Greater China. The Joint Venture will invest in a new manufacturing facility in China. Local production of Allnex’s CYMEL® amino crosslinker resins is expected by the end of 2015.
While Allnex’s amino crosslinker resins already enjoy a leading position in most regions of the world, the Joint Venture will allow Allnex to increase its presence in Greater China and to meet its ambitious growth targets. In order to support the increased sales in the region a new manufacturing facility will be built by the Joint Venture in Zhuhai, China.
“Since Allnex became an independent company in 2013, a focus of our strategy has been to further globalize our business”, states CEO of Allnex, Frank Aranzana. “Supported by Advent International, our shareholder, we have been looking from the start for opportunities to grow our presence in the emerging regions and we are proud to announce today our Joint Venture with Eternal. We firmly believe that the Joint Venture will help us to better service our customers in Greater China. ”
This announcement serves as the first step in Allnex forming a Joint Venture with Eternal. The Joint Venture is subject to required merger control clearance.
A global company with $1.5 billion in sales, Allnex is a leading supplier of resins for architectural, industrial, OEM and special purpose coatings. We are recognized as a specialty chemicals pioneer and known for our professionalism and for offering the broadest portfolio of high quality, innovative liquid resins and additives, radiation cured and powder coating resins, and crosslinkers for use on wood, metal, plastic, and other surfaces. With manufacturing facilities and research and technology support centers located throughout the world, we also provide responsive, local support to our customers, helping them to rapidly bring advanced coating solutions to the market.
About Eternal - www.eternal-group.com
Eternal Materials Co., Ltd, a global company with $1.3 billion in sales and headquartered in Kaohsiung, Taiwan is an international corporation with a focus on technical development and customer service in the fields of resins, electronic chemical materials and specialty chemicals. They are a recognized leader in these fields in Greater China, striving to expand their position in the global market.
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