BASFY BASF SE (QX)

   By Giulia Petroni 
 

BASF has signed a letter of intent to supply neopentyl glycol from its Zhanjiang Verbund site in China to Zhejiang Guanghua Technology.

The German chemical company said Wednesday that Zhejiang Guanghua Technology, also known as KHUA, plans to build a 100,000-tons-a-year production plant for powder coating resins in Donghai Island, where BASF is building a neopentyl glycol plant.

"This strategic move will create synergies that benefit both parties, including enhanced collaboration and supply reliability, faster delivery, access to shared resources, and reduced costs," said Vasilios Galanos, senior vice president, intermediates Asia Pacific at BASF.

The plant at the Zhanjiang Verbund site is expected to be available from the fourth quarter of 2025, BASF said. The company added that its global neopentyl glycol capacity will be boosted to 335,000 metric tons annually from 255,000 metric tons.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 12, 2023 03:58 ET (07:58 GMT)

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