ChemChina (Beijing), China’s fastest-growing chemical firm, today denied press reports that it is discussing a merger with Sinochem (Beijing). Such a deal would create a chemical giant with annual revenue of $100 billion. “There is no such thing,” ChemChina tells CW.
A Reuters report, citing people familiar with the matter, says the deal has been proposed by the Chinese government to reduce the country’s number of state-owned companies and create larger, more competitive global industry players. Sinochem is taking the lead in the potential merger, the report says.
ChemChina is finalizing its $43-billion acquisition of Syngenta, the world’s biggest producer of agricultural chemicals, in the largest foreign acquisition by a Chinese company.
Sinochem and ChemChina are each listed on the Fortune Global 500 corporations by revenue. The list puts Sinochem in the 139th place with 2015 revenue of $60.7 billion. ChemChina is number 234 with revenue of $41.4 billion. Sinochem’s businesses include energy, agchems, chemicals, real estate, and financial services.
By Natasha Alperowicz
Source: Chemical Week
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
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Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
