Songwon, Pan Gulf and Polysys signed MOU

Songwon Industrial Co., Ltd., Pan Gulf Holdings and Polysys Industries formed a global cooperation for the manufacturing and sale of Songnox? OPS. This followed an earlier announcement of Songwon Industrial Group regarding the acquisition of Additives Technology Greiz GmbH (ATG), one of Europe's largest manufacturers of One Pack Systems (OPS). The three companies have signed a Memorandum of Understanding to establish a joint venture to be named Songwon Additive Technologies AG, which will become the parent company, having control over ATG, as well as a series of manufacturing and commercial JV's in the Middle East. The partners of Songwon Additive Technologies AG will consist of Songwon Industrial Group, Pan Gulf Holdings of Saudi Arabia and Polysys Industries of Abu Dhabi. www.songwonind.com