MOVES: Wanhua chief to take over as BorsodChem CEO

27 October 2011 10:04  [Source: ICIS news]

LONDON (ICIS)--The CEO of China's Wanhua Industrial Group is to take over as CEO of Hungarian subsidiary BorsodChem, replacing Wolfgang Buchele who is to become board president and CEO of Finland's Kemira, BorsodChem said on Thursday.

Jason Ding, who is already chairman of the board at isocyanates and polyvinyl chloride (PVC) producer BorsodChem, will assume the CEO position from 1 January 2012, it added.

“Mr Ding is a highly respected person and long-time veteran in the polyurethane industry worldwide,” said BorsodChem.

“In the past 30 years, he led the transformation of [Wanhua Industrial Group's Chinese isocyanates subsidiary] Yantai Wanhua from a small methyl di-p-phenylene isocyanate (MDI) factory to one of the top three isocyanates manufacturers in the world,” it added.

"We thank Dr Buchele for his dedication and strong leadership enabling BorsodChem to successfully master the [economic] crisis as well as for his excellent cooperation in the process of integrating BorsodChem into the Wanhua Group and in the transformation of the group into a global manufacturer,” said Ding, who is also board chairman at Wanhua Group.

Wanhua gained control of BorsodChem in February this year, having gained a seat at the negotiating table on the future of the indebted company after anonymously buying up large chunks of its outstanding loans portfolio through an investment bank in 2009.

By: Will Conroy
+44 20 8652 3214

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