| Taminco and MGC take a new step in China |
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Ghent, 27 October 2010 - press release Taminco and Mitsubishi Gas Chemical Company (MGC) announce that they have reached an agreement for Taminco to acquire a 50% share of Ling Tian, MGC’s Methylamines- and derivatives-producing facility in Nanjing, People’s Republic of China (PRC). The deal is still subject to the PRC regulatory approvals and customary closing conditions. “Transforming Ling Tian into the new joint venture with Taminco will be the best approach for MGC’s future strategy to expand specialty derivatives out of methyl amines in the rapidly growing Chinese market,” says Kazuo Sakai, MGC’s President. “As the sole manufacturer in the methylamine industry in Japan, MGC will strengthen its presence in the growing Asian market, by means of the new alliance with a strong partner, Taminco.” “Investing in this joint venture represents a significant step for Taminco in the Asia region,” says Laurent Lenoir, Taminco’s CEO. ”This transaction will provide a strong basis for growth, within the amine derivatives market, alongside a reliable partner well established in China.” “With this undertaking we are further increasing our global presence and, consistent with our long-term strategic plan, are replicating the integrated model that Taminco has already established in Europe and the USA.” adds Laurent Lenoir. For both partners, the joint venture will act as a platform for even greater growth. Initially, it is both partners’ intention to build a new Alkyl Alkanol Amine Unit in Nanjing which will mainly serve the structurally growing water treatment, personal care and oil & gas markets in Asia and accompany the move of their global customers. The unit is expected to be operational by mid 2012.
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