On January 9, 2019, Central European Time, Sinochem International completed the acquisition of Elix Polymers S.L., a European special engineering plastics producer, and held the First Board Meeting and Staff Conference.
Elix Polymers is headquartered in Tarragona Industrial Complex in Spain. This transaction has been the largest acquisition by Chinese enterprise in Spanish chemical industry in recent years. Elix Polymers, engaged in the production, R&D and services of customized ABS and ABS alloy materials, boasts advanced production technologies and processes, with products widely applied to autos, medical healthcare, consumer goods and electronics. Elix Polymers has an existing capacity of 170,000 tons, with a 40% market share in Europe’s specialty ABS market.
Sinochem Plastics (Spain) S.L., with 75.87% of shares held by Sinochem International Oil (Singapore) Pte. Ltd., a wholly-owned subsidiary of Sinochem International, acquired full ownership of Global Arlington S.L.U., which wholly owns Elix Polymers S.L., in which way Sinochem International obtained full control of Elix Polymers.
In 2018, Sinochem International was determined to become the world’s leading innovative fine chemical company with new energy, new materials, and biological industries as its core industries. This is an important measure for Sinochem International to deploy the polymer and lightweight materials industry with hi-tech threshold in a large market.