Transaction creates a top producer and marketer of specialty plasticizers
CHICAGO, Illinois - October 15, 2013
Velsicol Chemical LLC, a leading specialty chemical producer and marketer, today announced that it has completed its equity joint venture investment with ECOD Specialties Co., Ltd. The joint venture will be located in Wuhan, China, and will manufacture and market environmentally friendly plasticizers to the polymer additives global market.
Tim Horn, president and chief operating officer, said that this new joint venture is "with a strong partner that we have known for many years that has significant technical experience in producing quality benzoate plasticizers." Horn also said that the new venture will give Velsicol the opportunity to provide value-added solutions to plastic-additive customers in the adhesives, caulk, sealant and various PVC applications.
Dennis Leu, managing director of Velsicol, adds that the new joint venture will provide the global market a wide range of benzoate plasticizers that will benefit from Velsicol’s long history, global footprint and experience in marketing these types products. "These are green products that are viable, sustainable alternatives to many of the commodity plasticizer technologies available in the marketplace today", he said.
Velsicol is one of the majority shareholders of the joint venture and will have one seat on the board of directors. Velsicol will be responsible for, among other things, handling all of the sales and marketing efforts outside of China for the joint venture.