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According to Yonhap News,
(SEOUL=Yonhap News) Kolon BASF innoPOM Inc., a joint venture (JV) between Kolon Plastics and BASF, on Thursday began to produce polyoxymethylene (POM) at its new US$220 million plant in southern South Korea, sources from the two companies said.
The plant -- which has an annual capacity of 70,000 metric tons -- is the world's largest POM production facility with a total annual output of 150,000 metric tons when combined with Kolon Plastics' existing annual POM production capacity of 80,000 metric tons, the JV said.
The shared facility in Gimcheon, about 230 kilometers south of Seoul, has separate production systems customized to serve customers of Kolon Plastics and BASF.
Kim Yeong-bom, the co-head of the joint venture, said the company leverages the strengths of both partners and "is a great example of how partners can work together to generate significant synergies and strengthen our global market position."
Raimar Jahn, president of BASF's performance materials, said the new plant sets an industry benchmark for the production of POM and employs innovative environmental management standards that improve production efficiency, resulting in less energy use.
"With BASF's first POM production in Asia, we will be able to provide a stable supply of high-quality POM to the Asia-Pacific region, as well as to the rest of the world," Jahn said.
Polyoxymethylene resins -- engineering plastics used in complex and highly durable components -- have a broad range of applications in automotive manufacturing, as well as in electric and electronic goods.
Kolon Plastics said 42 percent of the world's demand is used for manufacturing key vehicle components, such as fuel pumps and safety belts.
Kolon Plastics, a South Korean manufacturer of engineering plastics and high-end materials, set up the 50:50 joint company with Germany's BASF in 2016.
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Source: Yonhap News (October 25, 2018)