Construction of Songwon new world-scale antioxidant plant is ahead of schedule

Ulsan, Korea, January 16, 2007 – Songwon Industrial Co., Ltd. announced today that the construction of its second dedicated manufacturing site for the production of phenolic and phosphite antioxidants is ahead of schedule and the plant start-up is now set for April 2007. Consistent with Songwon’s manufacturing strategy to provide economy of scale and security of supply, the project includes the back integration of key raw materials. In the first phase, this new manufacturing site will increase the Songwon capacity to about 55.000 tons, a 60% increase over the current capability. A second phase of expansion is already planned to bring total capacity to 80.000 tons and will be implemented as soon as the market demand will justify it.

“Songwon’s ability to develop our own state of the art technologies has been a key success factor throughout our history. The coordination and cooperation between our research, development, manufacturing, and business teams has resulted in processes and products of a world class standard. Songwon has grown into a global supplier of polymer stabilizers by maintaining technological leadership, focusing on improvement and development, and as a result Songwon is now well positioned to deal with the market challenges in the future”, said Jongho Park, President and COO of Songwon Industrial. “The new facility represents the culmination of 25 years of experience and continuous improvement in the manufacture of the polymer stabilizers beginning with raw materials, through key intermediates, all the way to the final products tailored to meet our customer needs.”

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