. | . |
|
. |
by Staff Writers New York (AFP) Oct 10, 2011 US industrial group Honeywell and China's Sinochem have agreed to form a 50-50 joint venture to make and sell energy-efficient foam insulation in China, the two companies announced Monday. The joint venture will produce HFC-245fa, a non-ozone-depleting rigid foam blowing agent used in insulation for appliances, construction, transportation and other applications "where maximum energy efficiency is required," they said in a joint statement. The deal requires approval from Beijing. The new company would be located in Taicang, Jiangsu Province, with production expected to begin in late 2013. The terms of the agreement between Honeywell International and the Chinese state-owned Sinochem Group were not included in the statement. "This joint venture with Sinochem, one of the strongest companies in China, will help meet growing demand for this material as Asian customers rapidly adopt more energy efficient and environmentally compliant materials," Andreas Kramvis, president and chief executive of Honeywell Specialty Materials, said in the statement. "Having Asian supply close to local customers is important to ensure global supply of this material in the future." Yinping Wang, vice president of Sinochem Group, said that the formation of the joint venture would enhance the two firms' product portfolios and service capabilities in "energy efficient and environmentally friendly materials." Honeywell shares were up 3.1 percent at $46.88 in afternoon trade on the New York Stock Exchange.
Global Trade News
|
. |
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2011 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement |