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LANXESS and South Korean Tier-One Automotive Supplier Hwaseung Strengthen Partnership - German specialty chemicals company LANXESS and South Korea’s tier-one automotive supplier, Hwaseung Corporation, have further strengthened their business partnership - LANXESS.com
LANXESS and South Korean Tier-One Automotive Supplier Hwaseung Strengthen Partnership

 

PRZOOM - /newswire/ - Leverkusen, Germany, 2011/12/02 - German specialty chemicals company LANXESS and South Korea’s tier-one automotive supplier, Hwaseung Corporation, have further strengthened their business partnership - LANXESS.com. FRA: DE Frankfurt: LXS

   
 
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Both companies have signed a long-term agreement under which LANXESS will supply Hwaseung with premium EPDM rubber. Financial details were not disclosed. Furthermore, both companies will deepen their research and development efforts on specialty rubber applications.

An agreement was signed at LANXESS’ “Rubber Day Korea” in Jeju by Guenther Weymans, Global Head of LANXESS’ Technical Rubber Products business unit, and Yoohwi Choi, Senior Vice President of Hwaseung Networks – a subsidiary of Hwaseung Corporation.

“This new agreement will further strengthen the already successful partnership between Hwaseung and LANXESS,” said Weymans. “It is also another milestone in the successful integration of the recently-acquired EPDM business.”

“We are delighted to be teaming up once again with LANXESS – a premium supplier of synthetic rubber, which is recognized by our customers” said Choi.

Ethylene propylene diene monomer (EPDM) synthetic rubber, sold under the brand name Keltan, is used above all in the automobile industry for door sealants. It is also used in the plastics modification, cable and wire, construction and oil additives industries. Its properties include very low density, good resistance to heat, oxidation, chemicals and weathering as well as good electrical insulation properties.

Hwaseung Corporation is a leading supplier of rubber components and other materials to global automobile producers, including the Korean manufactures Hyundai and Kia. South Korea is already one of the top five automobile producers in the world.

The Technical Rubber Products business unit, which includes the EPDM business, is part of LANXESS’ Performance Polymers segment, which achieved total sales of EUR 3.8 billion in 2010.

LANXESS (lanxess.com) is a leading specialty chemicals company with sales of EUR 7.1 billion in 2010 and currently around 16,100 employees in 30 countries. The company is at present represented at 47 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals. LANXESS is a member of the leading sustainable indices Dow Jones Sustainability Index (DJSI) World and FTSE4Good.

 
 
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Agency / Source: LANXESS

 
 

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LANXESS and South Korean Tier-One Automotive Supplier Hwaseung Strengthen Partnership

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LANXESS |
Contact: Udo Erbstößer - LANXESS.com 
+49 214 30 54529 udo.erbstoesser[.]lanxess.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any LANXESS securities in any jurisdiction including any other companies listed or named in this release.

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