(GlobeNewswire) - Kemira has signed an agreement to establish a joint venture - Kemira Yongsan Chemicals Co. Ltd ("NewCo") in Ulsan, Republic of Korea, with Yongsan Chemicals, a privately-owned chemicals company in South Korea.
Forming a joint venture in South Korea is an important step in expanding Kemira's presence in Asia Pacific and driving profitable growth in the region. NewCo will produce dry polyacrylamide ("DPAM"), cationic monomer Q9 ("AMD") and other chemicals, which are used for retention and drainage in packaging and paper production, as well as in wastewater treatment and in sludge dewatering.
With the NewCo's production site, Kemira will provide customers premium quality DPAMs supported by backward integrated high-quality AMDs. This ensures a sustainable and cost-effective manufacturing capability, effectively fulfilling customer needs and requirements. It is also an important addition to balance the increasing demand for Kemira's dry polymers globally.
"The joint venture accelerates our strategy and strengthens our position as a leading global polymer producer. It supports Kemira's future growth, especially in Asia pacific region by providing additional polymer capacity, securing our capacity utilization and supporting our customers better with our global delivery capability", says Nichlas Kavander, SVP, Pulp & Paper, APAC.
Kemira's will make a multi-million investment in the joint venture and will have 35% minority share of the established company.
Kemira is a global chemicals company serving customers in water intensive industries. We provide expertise, application know-how and chemicals that improve our customers' product quality, process and resource efficiency. Our focus is on pulp & paper, oil & gas and water treatment. In 2017, Kemira had annual revenue of around EUR 2.5 billion and 4,732 employees. Kemira shares are listed on the Nasdaq Helsinki Ltd. www.kemira.com.
© 2019 GlobeNewswire, Inc. All Rights Reserved.
SOURCE: Kemira Oyj