World's largest chemical company established in China
Sinochem has announced that on 31 March, at the approval of the State Council, Sinochem Group Co., Ltd. (Sinochem) and China National Chemical Corporation Ltd. (ChemChina) will undertake a joint restructuring, in which the equity interests of both Sinochem and ChemChina will be owned by a newly incorporated company, which will be established and wholly owned by the state-owned Assets Supervision and Administration Commission on behalf of the State Council. Sinochem and ChemChina will become the wholly owned subsidiaries of the New Holding Company.
Process Worldwide has reported that the new combined entity “will have estimated sales of more than 144 billion dollars” and will have more than 200,000 employees.
The global chemical industry is highly concentrated, of apparent scale effect and dominated by large enterprises.
According to Sinochem’s press release, in recent years, global chemical giants have undergone consolidation to create large-scale chemical companies which play a leading role in chemicals R&D and products innovation. It says the joint restructuring will assist the development of the chemical industry in China. The New Holding Company will further optimise resource allocation, strengthen innovation and stimulate business growth.
After the joint restructuring, the New Holding Company will commit to the value of “In Science We Trust, Upon Knowledge We Act”, adhere to global and market-oriented operation and strive to build a company “led by life science and materials science, supported by basic chemicals and environmental science, driven by science and technology, and featured by sustainable development”. The New Holding Company aims to create greater value for the customers, shareholders and employees, promoting sustainable development of the society.
The New Holding Company operates in a wide array of business sectors covering life science, materials science, basic chemicals, environmental science, rubber and tyres, machinery and equipment, city operation and industrial finance.
According to the company it will also “endeavour to … achieve breakthroughs in key materials and technologies, provide high-quality agricultural materials and comprehensive agricultural services, promote carbon neutrality and become the innovation-driven respected leader of such sectors”.
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