Industry News

Honeywell, Gong Myoung Technologies Sign Strategic Supply Agreement for Specialty Waxes and Additives

Published on 2008-03-14. Author : SpecialChem

MORRIS TOWNSHIP, N.J. -- Honeywell has announced a multi-year supply agreement with Gong Myoung Technologies (GMT), a manufacturer of specialty chemicals, under which Honeywell will be the exclusive marketer of GMT's waxes in all markets except South Korea.

The supply agreement includes high-density polyethylene waxes used primarily in inks and coatings, PVC (poly vinyl chloride) processing and floor polish. Under the arrangement, Honeywell and GMT also will work together to commercialize new products, such as oxidized polypropylene waxes, which will enable Honeywell to offer these new products to its customers worldwide. Terms of the agreement were not disclosed.

"Our agreement with GMT allows us to accelerate the introduction of new products and is another step in expanding our regional manufacturing capabilities," said Lincoln Germain, global business director for the specialty additives business of Honeywell Performance Products. "We value GMT's expertise in technology development and manufacturing, and look forward to working together to continue the long tradition of bringing innovative solutions to our customers."

"We are thrilled with this opportunity to build a long-term strategic relationship with Honeywell," said J.C. So, managing director for GMT. "Honeywell's strong global network and experienced application resources, combined with our advanced technology, innovation and new line of waxes, will help more customers realize the performance advantages this technology offers."

GMT also produces specialty chemicals for oil refinery and petrochemical plants. GMT is based in South Korea.

Honeywell's specialty additives business continues to boost manufacturing and research and development capabilities in Asia, including China. As part of this effort, the business recently installed a state-of-the-art PVC extrusion line and testing operation at Honeywell's Shanghai-based Asia Technology Center.

Honeywell is a leading manufacturer of low molecular weight polyethylene (PE) polymers, which act as additives to help inks and coatings perform better and lubricants to improve throughput when processing vinyl. Honeywell's A- C® wax brand is recognized globally as the industry standard.

Honeywell has been a leader in plastic additives for more than five decades, when it became the first commercial manufacturer of low molecular weight polyolefin polymers. Since then, Honeywell has continued to innovate for customers with the introduction of PE waxes, PVC lubricants, and many recognized brands including, Honeywell Rheochem, Honeywell A-C®, Honeywell AClyn®, Honeywell ACumist and Honeywell OptiPak™.

Honeywell Specialty Materials, based in Morristown, N.J., is a $4.9 billion, global leader in providing customers with high-performance specialty materials, including fluorine products; specialty films and additives; advanced fibers and composites; intermediates; specialty chemicals; electronic materials and chemicals; and technologies and materials for petroleum refining.

Honeywell International is a $36 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London and Chicago Stock Exchanges.

This report contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management's assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

Source: Honeywell

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