Honeywell Sinochem unveil green China venture
Post on: 2011-11-02 By: admin
US industrial group Honeywell and China's Sinochem have agreed to form a 50-50 joint venture to make and sell energy-efficient foam insulation in China, the two companies announced Monday.
The joint venture will produce HFC-245fa, a non-ozone-depleting rigid foam blowing agent used in insulation for appliances, construction, transportation and other applications "where maximum energy efficiency is required," they said in a joint statement.
The deal requires approval from Beijing. The new company would be located in Taicang, Jiangsu Province, with production expected to begin in late 2013.
The terms of the agreement between Honeywell International and the Chinese state-owned Sinochem Group were not included in the statement.
"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 chief executive of Honeywell Specialty Materials, said in the statement.
"Having Asian supply close to local customers is important to ensure global supply of this material in the future."
Yinping Wang, vice president of Sinochem Group, said that the formation of the joint venture would enhance the two firms' product portfolios and service capabilities in "energy efficient and environmentally friendly materials."
Honeywell shares were up 3.1 percent at $46.88 in afternoon trade on the New York Stock Exchange.
@yahoonews on Twitter, become a fan on Facebook
Editors' PicksslideshowHillary Clinton's mother dies at 92slideshowJet makes belly landing in PolandslideshowWinter storm pelts East CoastslideshowNew Madoff book releasedslideshowTurkey quakestoryTop 5 places to live in another century
Explore Related Content1 - 4 of 12prevnext
Play VideoHoneywell CEO Talks Q3 Earnings & O…
Sony said Thursday it would buy out…
Cavs unveil new D-League team Full Story»Cavs unveil new D-League teamNewsnet 5 RSS
President Barack Obama presents the…
Top Stories »Greece faces meltdown after bailout vote bombshellBank of America drops $5 debit card fee planHillary Clinton’s mother dies at age 92Cain's conflicting statements create more questionsPlane makes belly landing at Poland airportLibya's new leaders struggle to be the "good guys"The hunt for MF Global's missing $700 million
Most PopularPregnant mom says sandwich arrest was 'horrifying'Reformed skinhead endures agony to remove tattoosPoll: For economy fix, Americans pick Reagan over RooseveltSteve Jobs’ Final Words Shared in Sister’s Eulogy“Worlds Most Inappropriate Halloween Party” and Domino’s Employees Suspected of Setting Fire to a Papa John’s PizzeriaFake Onion story causes real confusion for California town
Today on Yahoo!1 - 4 of 36prevnext
Pregnant mom details 'horrifying' arrest
'X Factor' singer under fire
The president Americans would bring back
Rice: Cheney said 'we...were going to die'
Sign into post a comment, orSign upfor a free account.
What happened to investing American Corporate money into America? Why are jobs being created in China instead of the U.S. where they are desperately needed. This insulation could not be produced here? for American citizens? maybe EXPORTED to China on the Global market? How do you create jobs in the U.S.? Well, let's start first by reducing imports by 80%, then start manufacturing the products in the U.S. and selling them here and exporting them. What's the matter, can't U.S. corporations make plastic toys? Take a cut in your profits, big boys, and re-invest where it counts for Americans. Capitalism run amok.
[[['Dekraai', 10]],
'http://news.yahoo.com/photos/mourners-remember-seal-beach-shooting-victims-1318620627-slideshow/',
'Click image to see more photos',
'http://l.yimg.com/a/p/us/news/editorial/3/2c/32c8e92d889f42edb719cb5257afdf4e.jpeg',
'Reuters/Lori Shepler',
[[['iPhone 4S', 11]],
'http://news.yahoo.com/photos/thousands-line-up-for-apple-s-iphone-4s-1318602841-slideshow/',
'Click image to see more photos',
'http://l.yimg.com/a/p/us/news/editorial/f/4f/f4f15e8f6f323f5386dc9fdf9e15dca8.jpeg',
'AP/Kirsty Wigglesworth',
[[['xxxxxxxxxxxxxxxxxxx', 11]],
[[['keyword', 9999999999999999999999999999999999999999999999999999999]],
'overwrite-pre-description',
'overwrite-link-string',
'overwrite-link-url'
YOU ON YAHOO! NEWS Your Activity|Social:OFFONTurn Social OnRemind me when I share|OptionsWhat is this?Not you? Log out of FacebookHow to remove this experienceLogin with Facebook No thanks
News For YouCain Now Recalls the Details of His Sexual Harassment CasesUS Airways moves call center work back to USGet a firearmTrump casino winner says 'no' to plastic surgeryGeorge Clooney's Ex: He Was Like a Dad to MeSister: Killer of 3 in home invasion abused meOhio pastor apologizes for Halloween pamphletsOil price falls with stocks on Europe worriesFrightening Accident at St. Louis Haunted HouseRussian oligarch admits he now enjoys "extravagant life"
SearchKeywordNews Search
Loading...
FeaturedGeorge StephanopoulosCondoleezza recalls Bush poisoning scare. More»George StephanopoulosAn unforgettable flightA passenger suddenly takes over a plane's intercom — and this viral video is born. More»An unforgettable flightBreaking News from ABC NewsGet breaking news, videos, blogs and more at ABC News. More»Breaking News from ABC News
EducationWhat's the hottest field right now?See how you could prepare for a career in this hot industry.How to: Switch careers in one yearSee how the right certificate program could prepare you for a new career in one year.
Yahoo! NewsHomeU.S.WorldBusinessEntertainmentSportsTechPoliticsScienceHealthBlogsLocalPopularAll Yahoo! News »
Also On Yahoo!AutosFinanceGamesGroupsHealthMapsMoviesMusicomg!ShineShoppingSportsTravelTVAll Yahoo! »
Trending NowKhloe KardashianKris JennerJames GarnerKim KardashianU.S. stocksEva LongoriaKris HumphriesMedicare16-foot python7 billionth baby
Copyright © 2011 Yahoo! Inc. All rights reserved.
Article original from: http://news.yahoo.com/honeywell-sinochem-unveil-green-china-venture-184707736.html
