NewswireToday - /newswire/ -
Leverkusen, Germany, 2011/12/02 - German specialty chemicals company LANXESS and South Korea’s tier-one automotive supplier, Hwaseung Corporation, have further strengthened their business partnership - LANXESS.com. FRA: DE Frankfurt: LXS
Both companies have signed a long-term agreement under which LANXESS will supply Hwaseung with premium EPDM rubber. Financial details were not disclosed. Furthermore, both companies will deepen their research and development efforts on specialty rubber applications.
An agreement was signed at LANXESS’ “Rubber Day Korea” in Jeju by Guenther Weymans, Global Head of LANXESS’ Technical Rubber Products business unit, and Yoohwi Choi, Senior Vice President of Hwaseung Networks – a subsidiary of Hwaseung Corporation.
“This new agreement will further strengthen the already successful partnership between Hwaseung and LANXESS,” said Weymans. “It is also another milestone in the successful integration of the recently-acquired EPDM business.”
“We are delighted to be teaming up once again with LANXESS – a premium supplier of synthetic rubber, which is recognized by our customers” said Choi.
Ethylene propylene diene monomer (EPDM) synthetic rubber, sold under the brand name Keltan, is used above all in the automobile industry for door sealants. It is also used in the plastics modification, cable and wire, construction and oil additives industries. Its properties include very low density, good resistance to heat, oxidation, chemicals and weathering as well as good electrical insulation properties.
Hwaseung Corporation is a leading supplier of rubber components and other materials to global automobile producers, including the Korean manufactures Hyundai and Kia. South Korea is already one of the top five automobile producers in the world.
The Technical Rubber Products business unit, which includes the EPDM business, is part of LANXESS’ Performance Polymers segment, which achieved total sales of EUR 3.8 billion in 2010.
LANXESS (lanxess.com) is a leading specialty chemicals company with sales of EUR 7.1 billion in 2010 and currently around 16,100 employees in 30 countries. The company is at present represented at 47 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals. LANXESS is a member of the leading sustainable indices Dow Jones Sustainability Index (DJSI) World and FTSE4Good.