Wanhua acquires PU chemical makers Chematur and Connell

Chinese chemicals maker Wanhua Chemical Group has, through its Hungarian subsidiary, acquired Swedish manufacturer of MDI, TDI, hydrogen peroxide and bioethanol-derived chemicals Chematur Engineering for around EUR120 million.

Wanhua acquired a 75% stake in Chematur from Chinese chemical group Jilin Connell Investment. The remaining 25% equity was from Hong Kong-registered Europe-America Energy Technology.

In 2018, Chematur generated sales of around EUR10 million. Based on its proprietary technologies, it has delivered more than 800 chemical plants worldwide. It’s expertise is concentrated in the fields isocyanates, hydrogen peroxide, bio chemicals, supercritical processes and nitro aromatics. Chematur also claims it is the only independent TDI and MDI technology licensor worldwide.

As part of the takeover deal, Wanhua has also taken up a majority 80% stake in a smaller Chinese MDI producer Connell Polyurethane, which operates a plant for the MDI precursor aniline in the northern Chinese province of Jilin. Connell is also planning a new MDI plant with a capacity of 400,000 tonnes/year in Fuzhou, Fujian, using Chematur technology. This will allow Wanhua to strengthen its position in the market.

Wanhua has a global capacity of 2.75 million tonnes/year of MDI and TDI. In Europe, the MDI and TDI plants located at Wanhua’s isocyanate producer BorsodChem in Hungary.