SINGAPORE (CNI)--Australia's Orica announced Thursday that it has formalised with Kemcor Holdings, their 50:50 polyethylene (PE) joint venture, which began operations today.
An Orica release stated the name for the Melbourne-based joint venture will be unveiled later this year. Until then, it will operate as Kemcor.
Kemcor will have combined sales of A$700m ($464m/Euro449m)/year, and will manufacture the complete range of PE products, polypropylene, synthetic rubber and engineering plastics. It will also supply a broad range of imported specialty polymers including metallocene polyolefins.
Bob Fairley, current managing director of Kemcor Holdings - a joint venture between Exxon Chemical Olefins Australia and Mobil Australia Finance Co - has been appointed managing director of Kemcor.
The Orica businesses involved in Kemcor are its PE operations including its olefins, low density PE linear low density PE plants in Botany, and its engineering plastics facilities in Brookvale and Laverton.
Kemcor Holdings' businesses involved in Kemcor include Kemcor Olefins, Kemcor Plastics and Kemcor Elastomers, all based in Altona.
Kemcor will continue to manufacture and market all current products primarily for the Australian and New Zealand markets, and initially employ some 1200 people.