Perstorp buys out minority partner at China site
Sustainable solutions provider Perstorp has closed a deal to buy out its minority partner in the joint venture Shandong Perstorp Chemical Co., Ltd. (formerly Shandong Fufeng Perstorp Chemical Co., Ltd.), which has owned and operated Site Zibo in China. Perstorp is now the sole owner of the polyol manufacturing operation, located in Zibo, Shandong province, about 400 km south of Beijing.
The deal underscores Perstorp’s continued strong commitment to China and the Asian market and is fully in line with the company’s strategic direction and sustainability agenda.
Shandong Fufeng Perstorp Chemical Co at Site Zibo was established as a joint venture between Perstorp and their Chinese partner Shandong Fufeng Hongjin Investment Co., Ltd. in 2007. Gaining full ownership will ensure that Perstorp can continue developing the site and can aim to make substantial site upgrades to safeguard the competitiveness of Site Zibo.
"Reaching our long-term strategic direction and our sustainability targets for 2030 mean that we need to develop both our business and the way we operate our site. Our ambition is to continue developing safety, sustainability, and operational excellence at Site Zibo" says Magnus Lannér, EVP Integrated Supply Chain.
Based on the company’s ambitious sustainability targets for 2030, Perstorp has developed actionable roadmaps outlining hands-on activities to lower greenhouse gas emissions, reduce waste, save fresh water and enable sustainable transformation throughout the value chain. For the operations at Site Zibo, the Scope 1 roadmap contains a number of projects designed to reduce emission while also minimizing waster production and water consumption.
As part of the deal, the operations at Site Zibo has changed its name to Shandong Perstorp Chemical Co., Ltd. Its former name is Shandong Fufeng Perstorp Chemical Co., Ltd.
