Industry News

Signing ceremony for Silicones in China

Published on 2006-11-02. Author : SpecialChem

Paris, -- The agreement for the sale of Rhodia's Silicones business to China National BlueStar Corporation was formally confirmed at a signing ceremony today in Beijing by ChemChina Group Corporation President Ren Jianxin, Rhodia's Chief Executive Officer Jean-Pierre Clamadieu, and Exim Bank Governor Li Ruogu, in the presence of the Chinese President Hu Jintao and the French President Jacques Chirac.

At the signing ceremony, Jean-Pierre Clamadieu said that Rhodia was one of the first Western groups to invest in China where it has now been present for more than 25 years. With sales generated in China approaching €500 million the Group employs more than 3,000 people and operates 17 production plants.

"This region is key for the development of the Group and we are actively investing in production facilities and Research & Development, as well as growing our commercial presence to benefit from the high growth rates that this region offers. The transaction with BlueStar serves to reinforce our ties with China and will enhance our ability to identify further development opportunites for Rhodia", comments Jean-Pierre Clamadieu.

Rhodia is a global specialty chemicals company recognized for its strong technology positions in the Performance Materials, Functional Chemicals and Organics and Services clusters. Partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets, Rhodia offers tailor-made solutions combining original molecules and technologies to respond to customers' needs. Rhodia subscribes to the principles of Sustainable Development communicating its commitments and performance openly with stakeholders. Rhodia generated sales of €5 billion in 2005 and employs around 19,500 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange.

China National BlueStar (Group) Corporation is a large-scale state-owned enterprise, which is a specialized subsidiary of Chem China Group Corporation. Headquartered in Beijing, being a leading company in China's chemical industry, BlueStar filled many technology blanks in the fields of new chemical materials, such as organic silicon, engineering plastics and TDI as well as special chemical products and realized its scale production. In 2005, the total asset of BlueStar exceeded RMB 30 billion and the sales revenue reached as much as RMB 30 billion. BlueStar holds stakes of four public listed companies including BlueStar Cleaning Co., BlueStar New Materials Co., BlueStar Petrochemicals Co., and Shenyang Chemicals Co.. BlueStar possesses the biggest organo-silicone production unit in China , which ranks top six in the world and occupies a major market share in China .

Source: Rhodia

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