Chemical company Oxea, based in Germany and the USA, has signed a memorandum of understanding with the Shenyang Zhangming Chemical, Zhangyizhan, Shenyang, to form a joint venture.
Oxea will produce carboxylic acids in China together with Shenyang Zhangming and market the products worldwide. The production of other carboxylic acid derivatives is a possible option. "Together with our new partner we will soon be able to deliver highly demanded products to our customers in Asia quicker than before", said Miguel Mantas, a member of Oxea's executive board responsible for the Asian regions at Oxea.
Carboxylic acids are chemical intermediate products that have a variety of applications including the production of lubricants and drying agents for coatings and paints.
Dr. Martina Floel, speaking for the executive board of Oxea, said: "With this new partnership we are continuing to pursue our strategy of expanding into growth markets while optimizing and enhancing our own value chain and product portfolio."
Shenyang Zhangming Chemical is one of China's largest producers of carboxylic acids and their derivatives.