MORRIS TOWNSHIP, N.J. and SHANGHAI, CHINA, Oct. 10, 2011 -- Honeywell (NYSE: HON) and Sinochem Group announced today they have signed an agreement to form a 50/50 joint venture to produce and sell blowing agents for energy efficient foam insulation in China to meet growing demand in the Asia region for more energy efficient and environmentally friendlier materials. The formation of the joint venture is subject to Chinese government approval.
The joint venture, to be located in
The venture is expected to begin production in late 2013. Honeywell’s newly launched next generation HFO lower-global-warming-potential blowing agent – Solstice™ Liquid Blowing Agent -- may also be produced by the joint venture.
“This joint venture with Sinochem, one of the strongest companies in China, will help meet growing demand for this material as Asian customers rapidly adopt more energy efficient and environmentally compliant materials,” said Andreas Kramvis, president and CEO of Honeywell Specialty Materials. “Having Asian supply close to local customers is important to ensure global supply of this material in the future.”
“Honeywell is a globally-renowned multinational company with diversified, leading technologies, products and services,” said Yinping Wang, vice president of Sinochem Group. “The formation of the joint venture enhances our product portfolios and service capabilities in energy efficient and environmentally friendly materials, which aligns with both companies’ business development strategies, and reinforces the foundation for cooperation in depth. The joint venture depicts an exciting prospect.”
Honeywell HFC-245fa is a non-ozone-depleting HFC liquid blowing agent that provides the foam’s superior insulating properties compared to other forms of insulation. Honeywell HFC-245fa blowing agent is used extensively by appliance manufacturers to insulate refrigeration equipment to meet increasing global energy efficiency requirements. It is also used in construction and transportation applications.
The new joint venture will have exclusive rights to sell HFC-245fa in the
Honeywell International (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in
Sinochem (www.sinochem.com), established in 1950, is one of the key state-owned enterprises under the supervision of SASAC (State-owned Assets Supervision and Administration Commission) and one of the largest companies in China. It has been in Fortune Global 500 list twenty-one times and ranks 168th in the 2011 list. Sinochem has five business segments including agriculture, energy, chemical, real estate and finance. It is
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