Hanwha Chemical to Invest in Petrochemical Factory in China

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Researched by Industrial Info Resources (Sugar Land, Texas)--Hanwha Chemical Corporation (Seoul, South Korea) recently announced that it will build a $400 million petrochemical factory in Ningbo City of Zhejiang Province in southern China. This is the company's first venture outside of South Korea.

The petrochemical factory, planned to be built in the Daxie Economic and Technology Development Zone of Ningbo, is scheduled to be operational in 2010. It will produce 500,000 tons per year of dichloroethane, 300,000 tons of vinyl chloride monomer and 300,000 tons of PVC.

Hanwha said it expects the factory to generate $300 million per year in sales and $50 million in profit. The company said that although the area around Zhejiang and Jiangsu provinces is low in petrochemical productivity, demand is strong.

Hanwha CEO Kim Seung-Youn recently held a strategic meeting where the company decided to invest $1.5 billion in overseas market to increase income from abroad to 40% in 2011.

In the 1980s, Hanwha launched its chlorine-caustic soda line of business and quickly became a major petrochemical company, producing organic and inorganic chemicals. Hanwha's state-of the-art research facilities and continued technological innovation have improved its technological capabilities and quality competitiveness to make it a leader not only in Korea but also in Asia.

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