BASF to form JV to produce non-ionic surfactants in S. Korea
BASF and Hannong Chemicals, based in Gunsan, South Korea, plan to establish a joint venture to produce non-ionic surfactants at the Daesan Industrial Complex in South Korea.
BASF will own a 51% stake in the new company, BASF Hannong Chemicals Solutions Ltd., while Hannong Chemicals will own 49%. The target date to establish the joint venture is in the first quarter of 2023, pending regulatory approvals.
The joint venture will combine BASF’s strong technology and product innovation capabilities with Hannong’s highly efficient production capabilities to supply best-in class non-ionic surfactant products to BASF and Hannong Chemicals.
Non-ionic surfactants are used in a wide range of industry segments, including home care, personal care, industrial and institutional cleaning applications as well as various industrial formulations segments. They are employed in formulations for laundry detergents, surface cleaners and dishwasher detergents, as well as for leather and textile treatment, metal surface cleaning, and others.
“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, Care Chemicals, BASF.
“It is an honor 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,” said Kim, Eung Sang, CEO of Hannong Chemicals.