Songwon and HPL to form joint venture

Songwon Industrial Co., Ltd. and HPL Additives Ltd. signed a Letter of Intent to form Songwon HPL Additives PVT Ltd. Accordingly, HPL will transfer all its business and assets related to polymer stabilisers to the new entity which will be owned 40% by HPL and 60% by Songwon. The parties expect the new company to be operational by Q2 2011, subject to completion of all necessary formalities. The new company will capitalise on Songwon's and HPL's respective strengths to serve the global market. The joint venture will allow the integration of production capabilities in India with Song won 's world scale production capabilities in Korea. In addition, this will further strengthen Songwon's position in India to meet the fast growing demand of the polymer industry in the Middle East. www.songwonind.comNike