News
ChemChina adjusts mix for continued growth
By Zhi Hong (China Daily)
Updated: 2009-01-20 17:00
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Overseas M&A
Last October ChemChina completed a stake transfer with Blackstone Group, in which the US private equity paid $600 million for a 20 percent share in its subsidiary China National Bluestar Group Corp (Bluestar).
"The deal can help Bluestar improve its technology and management level, which will make the company more multinational," Ren said.
Overseas development has always been a key driver for ChemChina, the chairman noted. In 2006 Bluestar acquired French company Adisseo Group, a leading global animal nutrition feed firm specializing in producing methionine, vitamins and biological enzymes.
In the same year, Bluestar bought French company Rhodia's organic silicon business, including its patents, manufacturing equipment and distribution channels, as well as the company's sulfide business. The acquisition has upgraded Bluestar's organic silicon business, making it the third-largest producer in the world.
"Through mergers and acquisitions, we get larger markets, more advanced technology, as well as more talented people," said Ren.
Environmental protection
Ren is also leading ChemChina to be more eco-friendly. "Energy saving and emission reduction are our one top priority this year," he said.
The company's theme for this year is: "Zero Emission".
ChemChina has also taken part in several environmentally friendly projects. For example, it built the rainwater recycling system for the Bird's Nest.
The recycled water is used for washing the stadium, roads, and garages, flushing toilets and for air conditioners, as well as irrigating the land around the venue.
"China's chemical industry should pay increasing attention to energy and environmental issues in order to achieve healthier growth," Ren said.
