Ulsan, Korea – November 27, 2012 – Today, Songwon Additive Technologies AG and Polysys Industries announced that they will establish a new company Polysys Additive Technologies ME, which will build an OPS (One Pack Systems) manufacturing plant in Kizad (Khalifa Industrial City of Abu Dhabi), Abu Dhabi.
This follows the announcement of the establishment of Songwon Additive Technologies AG, a Joint Venture between Songwon Industrial Group (www.songwon.com), Pan Gulf Holding Company of Saudi Arabia and Polysys Industries of Abu Dhabi, for the manufacture and sale of Songnox® OPS. (Link to the press release). Maurizio Butti, Chief Operating Officer, Member of the Songwon Industrial Group Executive Committee and Chairman of the Board of Songwon Additive Technologies AG, stated: “We are very pleased to be able to confirm that Kizad, Abu Dhabi will be the location of our OPS plant in the Middle East. The new plant will have an initial capacity of approximately 7.000 metric tons, however it will be designed to take into consideration increasing demand in the future, and we expect that construction will be completed in approximately 12 months.
This is a very important step for Songwon Additive Technologies AG and the Songwon Industrial Group in the development of our global OPS footprint following the acquisition of Additive Technologies Greiz and the capacity expansion which has already been implemented. (Link to the press release). Our aim is to be able to offer our customers, in each of the key regions, access to OPS based on the same technology and the same level of reliability and service which has supported the growth of Songwon Industrial Group in the Polymer Stabilizer market. The Middle East already represents a key market for OPS and Polymer Stabilizers and we expect this position to grow significantly in the near future.”
In conclusion, Mohamed Al Muhairi, Chairman of the Board of Polysys Industries LLC., commented: “This Joint Venture is fully in line with our strategy to develop businesses which support the fast growing regional petrochemicals industry with local supply of critical components and raw materials. Having already created a global partnership through Songwon Additive Technologies AG, which brings important synergies in terms of access to technologies, raw materials and multi regional customers, we are delighted to have the new plant located in Kizad. This will be a very effective hub for supplying not only locally, but the whole region due to its unique location and infrastructure.”
About Songwon Industrial Co., Ltd.
Songwon Industrial Co., Ltd. is a leading producer and seller of Songnox® Antioxidants, Songnox® One Pack Systems, Sabostab® and Songlight® Hindered Amine Light Stabilizers, Songsorb® Ultraviolet Light Absorbers, Songstab™ Acid Scavengers, Songstab™ PVC Stabilizers, Songcat™ Tin Intermediates, Songcizer™ Plasticizers for the plastics industry, as well as lubricants, surface coating agents, polyurethane, alkyl phenols, biphenol, flocculants and other chemicals. The Songwon Group of Companies includes Songwon Industrial Co., Ltd., Songwon Holdings AG, Songwon International AG, Songwon International – Japan K.K., Songwon China Ltd., Songwon Industrial Co. Ltd. Representative Office Bahrain, Songwon Additive Technologies AG, Songwon ATG GmbH, Songwon International – Americas Inc., Songwon International – India Pvt. Ltd., Songwon Trading Co. Ltd, Songwon Chemicals Co. Ltd. and Songwon Baifu Chemicals (Tangshan) Co., Ltd.