Chemicals giant BASF and South Korea’s Hannong Chemicals are planning to establish a production joint venture to manufacture non-ionic surfactant products.
BASF will hold 51% of the new BASF Hannong Chemicals Solutions Ltd, with Hannong Chemicals holding 49%, subject to the approval of all relevant authorities.
The proposed joint venture will merge BASF’s product innovation capabilities with Hannong’s efficient production, said the companies.
It will be headquartered at a site in Daejuk, in the Daesan Industrial Complex in South Korea and will cater to increasing demand for non-ionic surfactants in Asia Pacific.
Non-ionic surfactants are used in a wide range of industry segments, including personal care and home care.
“BASF is delighted to partner with Hannong Chemicals. With this proposed joint venture, BASF continues to establish the capability to further serve the Asian market, by offering specialty non-ionic surfactants and a reliable supply experience to our customers,” said Ralph Schweens, President of Care Chemicals at BASF.
Kim Eung Sang, CEO of Hannong Chemicals, added: “It is an honour to work with BASF, a leading solution provider to the consumer industries.
“We look forward to cooperating with BASF to strengthen the new joint venture. Together, BASF and Hannong Chemicals will further enhance the joint venture’s position in the non-ionic surfactants market and provide top-tier products to customers in Asia.”
BASF and Hannong hope to establish the joint venture in the first quarter of 2023.
