Hercules Expands Presence in China
April 25, 2006 - Hercules Inc. has reached an agreement to acquire the remaining 40% ownership interest of its consolidated joint venture, Shanghai Hercules Chemicals Company LTD. from its partner Shanghai Chlor-Alkali Chemical Co. Ltd (China).
Effective immediately, Hercules will assume day-to-day operations.
Completion of the acquisition is subject to normal clearance from the appropriate Chinese government and regulatory agencies.
Terms of the deal were not disclosed.
"This investment will enable Hercules Paper Technologies to better serve the needs of the growing paper industry in China. Hercules intends to actively consider an expansion of Shanghai Hercules' existing manufacturing capacity and product line as well as installation of new facilities to support technical applications, product development and training for the paper chemicals markets in Asia,” stated Paul Raymond, President, Hercules Paper Technologies and Ventures.
Craig A. Rogerson, President and CEO of Hercules, commented, "China represents an important growth market for Hercules and we are excited about the opportunity this acquisition provides to expand our manufacturing and technical presence in this fast growing region. We thank our long term partner Shanghai Chlor-Alkali Chemical Co. for their support over the years."
SOURCE: Hercules Inc.