Wanhua, the largest isocyanate producer in the Asia Pacific region, bought a 38 percent stake in First Chemical Holding -- the holding company of BorsodChem -- for 140 million euros ($180 million) in June with a call option for the remaining shares.
BorsodChem said at the time it would use the funding to complete construction of its new TDI 2 (Toulene di-isocyanate) plant and a nitric acid plant as well as for general corporate purposes.
Nepszabadsag cited a Wanhua executive on Wednesday as saying the TDI 2 plant could be completed in the first half of 2011 which could help BorsodChem [BDCD.UL], one of the largest employers in eastern Hungary, improve its profitability.
"(The plant) will make BorsodChem the most cost-efficient TDI maker in Europe, which will greatly improve its profitability," Wanhua vice-chairman in charge of international investments Howard Ding told the newspaper in an interview.
Wanhua, which wants to become a major supplier in Europe, will probably make further investments into BorsodChem, Ding said, without elaborating on the amount or the time frame.
China Chemical Weekly: http://news.chemnet.com/en/detail-1403616.html
