BASF and Huafon Group Co., Ltd. signed an agreement to extend their partnership to develop the polyurethane, bio-fiber and spandex markets in China collaborating in the areas of technical exchange, market development, and quality raw material supply.
BASF and Huafon have agreed to jointly expand the business of the polyurethane market in China, especially in the Western region. BASF will also develop specialty fiber and bio-content fiber for high-end apparel products with Huafon. The focus on the spandex market will be on strengthening the cooperation in spandex technology, intermediate products, and industrial digitalization. The companies will jointly optimize their raw material resources.
Sanjeev Gandhi, member of the Board of Executive Directors, BASF SE, responsible for the Asia Pacific region, said, “At BASF we innovate to make our customers more successful. This includes providing the right solutions and support to help our customers grow their business.”
According to You Xiaoping, Chairman of the Board of Directors, Huafon, the success of Huafon depends in partnering with BASF, the world’s leading chemical company. The partnership has achieved another milestone in becoming an innovative, sustainable and global company.
Huafon Group, founded in May 1991 and the largest domestic manufacturer of polyurethane (PU) products in China, is a private shareholding enterprise specializing in the chemical new material industries and is also active in other allied industries such as metal, finance, logistics, and trade.
BASF, the largest foreign investor in China’s chemical industry, has heavily invested in Shanghai, Nanjing, and Chongqing and maintains the Innovation Campus Shanghai as a global and regional research and development hub.