Wanhua in discussions regarding possible equity stake in BorsodChem

Wed, 11 November 2009

In response to recent press reports, Chinese chemicals group Wanhua Industrial Group confirms that it has expressed interest in becoming a strategic investor in Hungarian chemicals group BorsodChem. Wanhua has been in talks with BorsodChem,s majority owner, the private equity firm Permira.

Wanhua believes that it could significantly contribute to BorsodChem,s stability and long-term growth prospects via its operational and technological expertise as well as additional capital investment. Wanhua is committed to growing the business locally and improving employment opportunities at the site in Hungary.

Wanhua is the largest isocyanate producer in the Asia Pacific region. Wanhua is a global technology leader in the industry with the largest and most integrated isocyanate manufacturing complex coming into production in 2010. Wanhua sells its products into 40 countries across North America, Western and Eastern Europe, Japan, the Middle East and South East Asia.