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Kumho Petrochemical Strengthens Inroads into China
No. 17 Date registered : 2015.10.22
Joint venture Shanghai Kumho-Sunny Plastics Co., Ltd. has completed its third plant and will increase the production of ABS resin by three times in five years.

Kumho Petrochemical will broaden a target of China’s petrochemical market by reinforcing its local partnership. 

 

On October 21 (local time in Shanghai, China), Kumho Petrochemical (Chairman & CEO Chan-koo Park) revealed that it held a third plant dedication ceremony of its joint venture Shanghai Kumho–Sunny Plastics Co., Ltd. (hereinafter “Kumho–Sunny Plastics”) at Jinshan District in Shanghai. This third plant has been completed in six years following two plants in Minhang District in Shanghai (established in 2001) and in Guangdong (in 2009).

 

Kumho–Sunny Plastics is the first joint venture company of Kumho Petrochemical, established in China in 2000. The company is specialized in compounding ABS resin. The compounding of ABS is a process of manufacturing tailored special ABS compound through the coloring and technical combination of acrylonitrile butadiene styrene (ABS), a synthetic resin. The production capacity for Kumho–Sunny compounding ABS resin reaches 90,000 tons, taking first place in China’s special automotive ABS market. The major customers of the joint venture include automobile manufacturers, such as GM, VW, Hyundai Motor, and Nissan Motor, as well as electronics suppliers such as Haier, Lenovo, and Konica Minolta.

 

Kumho–Sunny Plastics aims to develop the plant in Jinshan District into a strategic base equipped with access to raw materials. To accomplish this plan, the company purchased a site for the Jinshan plant with an area of 63,000 square meters, which is three times larger than that of the Minhang plant after investing CNY 300 million and relocated 27 production lines of the Minhang plant with the annual capacity of 70,000 tons. Moreover, Kumho–Sunny Plastics will extend the annual production capacity of the Jinshan plant to 200,000 tons for the following 5 years, which is three times higher than the current capacity. The company will reorganize the existing Minhang plant to be a base with the role of head office and research and development. In addition, the Guangdong plant’s current annual capacity of 20,000 tons is planned to be increased stage by stage depending on the demand of the district.

 

Kumho–Sunny Plastics is a 50:50 joint venture between Kumho Petrochemical and Shanghai Sunny New Technology Development Co., Ltd. It began with the annual capacity of 3,700 tons, recording the sales of CNY 29 million in 2001. Thanks to its sales capacity based on the world’s top-notch technical competence in compounding ABS resin, Kumho–Sunny Plastics increased the initial sales to CNY 1.42 billion in 2014.

 

Noteworthy celebrities attended the dedication ceremony, including chairman and CEO of Kumho Petrochemical, Chan-koo Park, president and CEO of Kumho Petrochemical, Seong-chae Kim, chairman of Shanghai Sunny New Technology Development Co., Ltd., Minqi Xin, president of Shanghai Kumho–Sunny Plastics, Seung-hyun Baek, Jinshan District vice chairman of the Standing Committee of the National People’s Congress, Jinrong Yin, deputy director of the Science and Technology Commission of Jinshan District, Xiaolan Hu, president of Shanghai Chemical Industrial Park Jihan Branch Development Co, Ltd., Minghui Wang, and vice secretary-general of the China Synthetic Resin Supply and Sale Association, Xiang He.

 

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