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.