Oxea to Build New Amines Plant in China     

Chinese listed Chengxing Group (SH: 600078) and Oxea together signed an agreement with the Changzhou Municipal Government for the approval of a land grant in the Changzhou Yangtze River Chemical Industrial Park in order to build a plant for the production of amines and other chemicals.
   Oxea and Chengxing are planning to form a new joint venture company with Oxea as the majority shareholder. It is the first major investment for Oxea in China to primarily serve customers in China and Asia, also cater to the global markets.
   The site location was chosen based on several advantages of the Changzhou Yangtze River Chemical Industrial Park, such as close proximity to customers, good logistics, well developed infrastructure, availability of key raw materials, well-trained human resources and significant potential for future growth.
   Chengxing Industrial Group, based in Jiangyin, eastern China, is one of the world's leading phosphorous chemicals manufacturers with revenues of RMB2.1 billion in 2007. Additional divisions include petrochemicals, coal chemicals, trading and logistics, and general investments. One of Chengxing's subsidiaries, Xinya Chemicals, located in Changzhou, is a leading amines and derivatives producer in China.
   Oxea is a global supplier of oxo products and olefin derivatives, headquartered in Germany. The company is an international market leader in the production of acetates, alcohols, amines, carboxylic acids and aldehydes. Oxea has annual sales worth about Euro 1.2 billion and employs approximately 1 300 people mainly in Germany and the United States.