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China : ChemChina buys out Australian ethylene producer |
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2006-4-5
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 ChemChina Group successfully merged with Australian Qenos Holding Corporation by buying out all shares of the company. At present, Wen JiaBao, the Premier of the State Council, is visiting Australia for economic cooperation.
The signature ceremony has already been placed on his visiting agenda and will be held at the Capitol Mansion in Australia on April 3, 2006. This purchase has played a very important role to accelerate the economic cooperation between Australia and China, and it is highly supported and stressed by two governments and related departments.
Compared with the construction of a new production line at a similar scale to Qenos, it has a visible cost advantage and a favorable market performance to buy out Qenos, which greatly benefits to improving Chinese chemical industrial chain and enhancing Chinese players’ international management.
The purchase success will provide ChemChina with a unparalleled market channel in Australia, meanwhile, ChemChina will introduce the advanced company concepts and invaluable management experiences from Exxon Mobil and Orica in company management, production management and HSE (healthy, safety, environmental) production.
Moreover, ChemChina also makes good use of professional research teams and equipments of Qenos to combine their achievements and experiences with domestic technology research institutes, so as to help the company command introduced technology and re-innovate.
Mr. RossMccann, the CEO of Qenos reckoned, “as one of the largest chemical enterprises in China, ChemChina thinks highly of this acquisition and takes it into her global strategic development. Likewise, it brings with a good opportunity to boost Qenos business."
 Ren JianXin, the General Manager of ChemChina pointed out that, “ChemChina will grasp this chance purchasing Qenos to complement with each other, both in market requirements and technology. It aims at further improving the competitive edge of Qenos and promoting its development in a long run, through production capacity increment, customer consolidation, and product sales region enlargement”.
"ChemChina will implement the strategy of localization employment, so as to enhance the competitive force of Qenos in Australia and Asia-Pacific region. Besides, we will highly take the synergy effects into strategic consideration to introduce and combine Qenos technology, marketing and management experiences into ChemChina. That is definitely a win-to-win result in both sides”, Ren added.
Qenos is the largest ethylene producer in Australia and the only one manufacturer of polyethylene (PE) in Australia. Having capacities of 500,000 tons/a ethylene and 500,000 tons/a polymers, it is the cornerstone to support Australian plastics industry.
ChemChina Group Corporation has been established with the approval of the State Council. The chemical industry of China has therefore opened up another new chapter. |
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