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ChemChina focuses on technology improvement

By Wan Zhihong (chinadaily.com.cn)
Updated: 2008-12-30 10:10

China National Chemical Corp (ChemChina) said it has applied for 388 patents in 2008, an increase of 76.4 percent from a year earlier.

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Among them 317 had been approved, up 9.7 percent from 2007.

Technology improvement has become a focus for ChemChina, said Ren Jianxin, chairman. ChemChina is the country's major manufacturer of new material and specialty chemical products.

Established in 2004. ChemChina was the result of a restructuring of several enterprises under the former Ministry of Chemical Industry.

In October, the company made headline news by selling a 20 percent stake in its subsidiary China National Bluestar Group Corp (Bluestar) to US private equity firm Blackstone Group for $600 million. It was the first time a State-owned company had invited a foreign company to be a strategic investor.

Overseas development is a key factor in driving ChemChina's future growth, said Ren Jianxin, chairman of the company.

In 2006 ChemChina acquired Adisseo Group of France, a leading global animal nutrition feed manufacturer, specializing in the production of methionine, vitamins and biological enzymes. (Methionine is an amino acid that helps prevent the build-up of fat in the arteries and is also used to treat depression, arthritis and chronic liver disease.)

In the same year, ChemChina bought another French company, Rhodia’s organic silicon and sulphide businesses.

"The two deals have clearly identified our business focus to be a leading company in new materials and specialty chemical products," said Ren.