TSRC planned to increase its shareholding in Shenhua Chemical
Taipei, Taiwan – September 1, 2023 – TSRC Corporation (TSRC) expects to increase its shareholding in Shen Hua Chemical Industrial Co., Ltd (Shenhua Chemical) to eighty-eight percent by the end of 2023.
In 1996, Shenhua Chemical was founded as a joint venture by Polybus Corporation Pte Ltd, Marubeni Petrochemicals Investment B.V. (Marubeni), and Nantong Guotai Venture Capital Co., Ltd. to manufacture and sell Emulsion Styrene Butadiene Rubber (ESBR) with annual production capacity of one hundred and seventy thousand metric tons (170,000 MT/year).
Considering the prospect of the synthetic rubber industry, TSRC decided to acquire Marubeni’s entire shareholding of Shenhua Chemical at USD 20.5 million, which increased its shareholding in Shenhua Chemical from 65.44 percent to 88 percent.
TSRC maintains its long-term participation and positive prospect of the stable synthetic rubber market demand in mainland China, while continuing its close customer collaboration and focus on growing its specialty chemicals position and building enterprise sustainability.