US Momentive's China JV resins plant to start up by end of 2013

13 August 2013 15:50  [Source: ICIS news]

HOUSTON (ICIS)--Momentive Specialty Chemicals’ phenolic specialty resins joint-venture plant in China is expected to start up in late 2013, the chief financial officer (CFO) of the US-based producer said on Tuesday.

“Construction remains on track for the joint venture to be operational by the end of 2013,” William Carter told analysts during Momentive’s second-quarter earnings call.

Momentive is building the 80,000 tonne/year facility at Zhenjiang, Jiangsu province, in a joint venture with Taiwan specialty chemicals firm UPC Technology (UPC). The facility will be located adjacent to an existing UPC plant.

The companies broke ground on the project in October 2012.

Carter said that during the 2013 second quarter Momentive saw earnings gains in phenolic specialty resins, but those gains were offset by softer results in specialty and base epoxy resins and derivatives. 

Overall, Momentive’s epoxy, phenolic and coating resins segment saw a 28% year-on-year decline in Q2 earnings before interest, tax, depreciation and amortisation (EBITDA) to $73m (€55m) as sales remained flat at $800m.

(
$1 = €0.75)


By: Stefan Baumgarten
+1 713 525 2653



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