| Feb. 25, 2004 | ||||||||||||||||||||||||||||||||||||||||
BASF and Toray form joint venture for PBT production in Asia |
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| BASF Aktiengesellschaft, Ludwigshafen, Germany, and Toray
Industries Inc., Tokyo, Japan, jointly announced today that they have agreed
to form a 50-50 joint venture for the production of polybutylene terephthalate
(PBT) base resin to supply the rapidly growing Asian market for this engineering
plastic. The newly formed company, Toray BASF PBT Resin Sdn. Bhd., will build a world-scale PBT plant with an annual capacity of 60,000 metric tons at BASF’s Verbund site in Kuantan, Malaysia. Construction will start middle of this year and the new plant is scheduled to come on stream at the beginning of 2006. The total investment for the plant is approximately US$40 million. The new plant will be operated with the most advanced polymerization technology from Toray and the main raw material, namely butanediol (BDO) will be procured based on state-of-the-art technology from BASF’s subsidiary next-door. The PBT base resin will be independently marketed by each company under their own trade names (BASF: Ultradur*, Toray: Toraycon*). ”Our main goal is to be the partner of choice for our customers,” said Dr. Andreas Kreimeyer, Member of the Board of Executive Directors of BASF Aktiengesellschaft. “With the production of PBT in Asia we show our commitment to Asia and we gain the flexibility and independence to better serve our customers by reacting more quickly to their needs and by ensuring a more stable supply of products.” Toray is the first Japanese company to establish a PBT polymerization plant outside Japan. “This intention shows our commitment to strengthening the global presence of our TORAYCON® PBT resin products,” said Mr. Chiaki Tanaka, Member of the Board of Managing Directors of Toray Industries, Inc. Along with the new plant in Malaysia, Toray will set up its supply system in response to the global demand by organizing the PBT division at its ABS resin production site, Toray Plastics Malaysia Sdn. Bhd. (TPM), Penang, Malaysia. The JV will supply PBT base resin to Toray’s compound bases worldwide. “Together with the expansion of the company’s compound bases, Toray is going to organize the most appropriate worldwide operation system for the highest global competitiveness and expansion of PBT resin business,” Mr. Tanaka said. Polybutylene terephthalate is a thermoplastic polyester. Characteristic properties of this engineering plastic are great stiffness, exceptional resistance to weathering, heat distortion strength and dimensional stability. Additional features include good electrical insulating properties and resistance to chemicals. Typical applications are in automotive construction and mechanical engineering as well as the electrical and electronics industries. For example, PBT is used in headlight frames, wiper arms, central locking housings and electrically-operated windows in cars, keys and socket strips for computers, cooker knobs, light strips and housings for household appliances. BASF is the world’s leading chemical company, offering its customers a range of high-performance products, including chemicals, plastics, performance products, agricultural products, fine chemicals as well as crude oil and natural gas. Its distinctive approach to integration, known in German as “Verbund,” is its strength. It enables BASF to achieve cost leadership and gives the company a competitive advantage. BASF conducts its business in accordance with the principles of sustainable development. In 2002, BASF had sales of about €32 billion (circa $34 billion) and over 89,000 employees worldwide. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New York (BF), Paris (BA) and Zurich (BAS). Further information on BASF is available on the Internet at www.basf.com. Toray, a leading diversified chemicals corporate group, has been technology-focused since its foundation in 1926. The company’s operations are underpinned by technological expertise in organic synthetic chemistry, polymer chemistry, and biochemistry- Toray’s three core technologies. These innovative technologies have yielded “advanced materials” that Toray is now exploiting to provide customers with comprehensive solutions through Fibers and Textiles, Plastics and Chemicals, IT-related Products, Housing and Engineering, Pharmaceuticals and Medical Products, New Products and Other Business divisions. In FY2002, Toray had consolidated sales of 1,033 billion yen (approx $8.608 billion), and over 33,000 employees worldwide. For further information, please check www.toray.co.jp. |
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