Songwon: Additives supplier with new business structure for China

Songwon, a leading additives supplier to the polymer industry, announces a new business structure for China which will be effective in the second quarter of 2010 and will create the foundation from which Songwon will continue to build its presence and customer relationships in China. The new structure will be based on Songwon China Limited, a wholly owned entity of Songwon Industrial Co., Ltd. Songwon China Limited will be based in Hong Kong and will form the cornerstone from which other Songwon entities and JV’s will be established.

Songwon has developed a successful presence in China in recent years achieving a leading position in antioxidants for PVC, ABS and specialty stretch fibres. Customer demand for its wide range of products up till now has been served by SSBC, Songwon Brilliant Chemicals Co., Ltd., a manufacturing and sales JV for all liquid formulations, and by Brilliant Chemicals Ltd. as a distribution partner for all other Songwon products sales.

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The Songwon group of companies in China will intitially comprise of:

• Songwon China Limited,which will be the shareholder in all Songwon companies in China

• Songwon Shanghai Trading Ltd. which will be responsible for the sales of Songwon non-liquid products to the Chinese market. It will also manage the export of all Songwon products to be sourced in China to meet the needs of customers globally.

• SSBC, located in Shanghai, will be transformed into a fully owned manufacturing company by Songwon China Ltd. and will continue to be responsible for the manufacture and sales of liquid products for the China market.

• Songwon is in the process of developing relationships with partners in China that will allow it to have better access to the fast growing market in China and potential manufacturing assets supporting its strategy to offer a full range of Polymer Additives to its global customer base. Songwon China Ltd. will be Songwon’s investement arm in all future JV’s in China.

“This is an important and significant commitment”, stated Jongho Park, Chairman and President of Songwon Group. “As well as giving Songwon a more direct presence in China, we also have better control over how we meet our customers’ needs and will allow us to respond faster and with greater flexibility. We are committed to become the leading additives partner in all our markets. Investing in China is a true sign of the importance we place in this rapidly growing and technologically demanding market. We look forward developing strong relationships with customers and business partners alike and will be making more important announcements very soon”.

More Information: www.songwonind.com

Songwon International AG, Ulsan, Korea

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