Plastics Industry News
繁體 | 简体
Technology
Applications
CPRJ Webinar Ad
MAAG PUMP SYSTEMS AG
Main > Daily Market News > Article Content
| Print | Submit Article |
Last Page | More | Next Page
Sinochem Group and ChemChina may merge to create a new chemical giant.
Sinochem Group and ChemChina may merge to create a new chemical giant.

Chinese state-owned Sinochem Group and ChemChina may merge to create an international chemical giant with revenues over US$100 billion. It is widely regarded that the latest executive reshuffle paves the way for a merger of the two companies.

According to a recent report of Caixin, Sinochem Chairman Ning Gaoning will serve as Chairman and Party Secretary of ChemChina, while ChemChina’s long-serving Chairman Ren Jianxin retires. Ning Gaoning remains the head of Sinochem.

The personnel change was announced at ChemChina’s office by officials from Asset Supervision and Administration Commission Committee and the Ministry of Organization, the report said.

As Financial Times quoted a person with knowledge of the meeting, the move surprised staff given Mr Ren had appeared at a meeting of ChemChina’s Communist party members the day before with no mention of any plans to retire.

Financial Times and Reuters had also reported that the two companies were in merger talks to create one of the world’s biggest industrial chemicals firm.

However, the Caixin report said that there is no definite plan for how to form a new company.

Both Sinochem and ChemChina did not respond to requests to comment on the personnel changes or the possible merger of the companies.

Sinochem Group, which is headquartered in Beijing, China, is one of China’s four largest state oil companies, and also China’s leading chemical service provider. The company recorded an annual profit of about US$2 billion in 2017.

Also headquartered in Beijing, ChemChina possesses production, R&D and marketing systems in 150 countries and regions. Its main businesses include materials science, life science, high-end manufacturing and basic chemicals, among others.

The company bought German machinery maker KraussMaffei in 2016, and also completed a deal to acquire Swiss agribusiness giant Syngenta for US$43 billion in 2017.

Related Articles  
A big step! KraussMaffei completes its lis...
Top chemical companies on the 2018 Fortune...
Breaking: ChemChina to list KraussMaffei o...
Saudi Aramco to acquire 70% majority stake...
Huntsman to sell chemical intermediates bu...
Amcor completes acquisition of Bemis, crea...
We are collecting readers' comment for improving our website. If you are willing to help, please CLICK HERE to complete a survey. Your comments matter.
Write a mail to the editor
Copyright © Adsale Publishing Limited. Any party needs to reprint any part of the content should get the written approval from Adsale Publishing Ltd and quote the source "China Plastic & Rubber Journal (CPRJ)", Adsale Plastics Website - www.AdsaleCPRJ.com. We reserve the right to take legal action against any party who reprints any part of this article without acknowledgement. For enquiry, please contact Editorial Department.  [Want to use this report?]
Name
Company Name
Job title
Email (will not be published)
Comment
Recent Comment
Legal Statement | Privacy Policy
Remarks: Publication of the comments is at editor's discretion.
Register a New Member
广东伊之密精密机械股份有限公司
泰瑞机器股份有限公司
富强鑫精密工业股份有限公司
大东树脂化学股份有限公司
万华化学(烟台)销售有限公司
海天塑机集团有限公司
Automotive conf.
东莞市思为客自动化科技股份有限公司
莱斯特瑞兹机械(太仓)有限公司
欧瑞康巴尔查斯涂层(苏州)有限公司
DAVIS-STANDARD, LLC
裕克施乐塑料制品(太仓)有限公司
东华机械有限公司
COPERION GMBH
日钢注塑机維修(深圳)有限公司
阿科玛(中国)投资有限公司上海分公司
上海ABB工程有限公司
Medical conf.
艾尔发集团
信易电热机械股份有限公司

Supplier Highlights