24 June 2011 08:24 [Source: ICIS news]
GUANGZHOU (ICIS)--German chemicals major BASF announced on Friday that it has signed a joint venture agreement with China's Ji'Ning Hock Mining & Engineering Equipment (HOCK) to develop technologies and products that will help improve the safety and productivity of mining and other underground operations.
BASF will hold a 75% majority stake in the new company, which has yet to be named, with HOCK holding the remaining share, BASF said in the statement.
"According to our Asia Pacific Strategy 2020, we will invest €2.3bn ($3.3bn) in the Asia Pacific region between 2011-2015. With this investment we are supporting industries in China in their quest for rapid, safe, and sustainable development," said Albert Heuser, president of BASF's market and business development in the Asia Pacific.
HOCK, based in Ji'Ning, Shandong province, is a Chinese producer of chemical injection and cavity filling products for mining and other underground applications.
Through chemical injection and cavity filling, substances such as polyurethanes or other construction chemicals can be introduced into fractured rock, sands, gravel or coal to avoid water or gas accumulation and stabilise cavities in tunnels, the statement said.
The joint venture, however, needs prior approval by the Chinese government before it can proceed, BASF said.
($1 = €0.70)
For more on BASF, visit ICIS company intelligence
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