Honeywell Sinochem to team up in joint venture
Post on: 2011-11-02 By: admin
MORRIS TOWNSHIP, N.J. (AP) — Honeywell International Inc. and Sinochem are teaming up in a joint venture to make an environmentally friendly foam blowing agent for China.The 50/50 joint venture will make and sell HFC-245fa, a non-ozone-depleting rigid foam blowing agent used in insulation for appliances, construction, transportation and other applications. Production is expected to start in late 2013."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," Andreas Kramvis, president and CEO of Honeywell Specialty Materials, said in a statement on Monday.The joint venture is subject to Chinese government approval and financial terms were not disclosed.Honeywell, based in Morris Township, N.J., is an industrial company. China's Sinochem has five business segments including agriculture, energy, chemical, real estate and finance. It is China's biggest integrated agricultural company, its fourth largest oil company and leading chemical service provider.Shares of Honeywell added $1.32, or 2.9 percent, to $46.81 in afternoon trading. The stock has traded between $41.22 and $62.28 over the last year.
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