Songwon’s new antioxidant plant in production

Ulsan, Korea, May 14, 2007 – The new Songwon Industrial Co., Ltd. grass roots antioxidant manufacturing site in Maeam, Korea which was completed ahead of schedule at the beginning of April 2007 is now in commercial operation.

Songwon invested $120 million in the design, construction, and initial operation of the new plant. With this investment, Songwon’s antioxidant production capacity increased with 20,000 metric tons to 55,000 metric tons making Songwon the number two producer globally. The new facility is already designed for a further doubling of capacity to a total capacity of 80,000 metric tons. This investment will be driven by market demand.

The new plant includes back integration into key raw materials and intermediates which brings value to the customers and enhances security of supply, control of quality, and efficiency.

Jongho Park, Chairman and CEO of Songwon Industrial Co., Ltd. commented “Our highly motivated workforce are proud of the state-of-the art technologies we applied in the new plant. With this investment we are making a commitment for the future needs of our customers The plant is located at a new site, a few miles from the existing Ulsan plant and is fully dedicated to polymer stabilizers, to ensure that Songwon will always have at least one plant in operation in case of interruptions.”

Park continues, “Focusing on achieving the highest level of environmental stewardship is part of the Songwon overall philosophy and in Maeam we are exceeding the standards which are already common practice in our Ulsan site as well as in Europe and US. Our main energy requirements are supplied by the Petrochemical complex in Maeam which is a co-operation among companies which focus on environmental and energy saving. In addition our waste recycling is contributing to our total energy requirements and we have taken steps to limit any waste disposal.

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