Songwon appoints new Executive Vice President for Corporate Strategy and Business Development team

Ulsan, Korea – February 12, 2009 – Songwon Industrial Co. Ltd., a global leader in polymer additives, announces that Philippe Schlaepfer has been appointed Executive Vice President Corporate Strategy and Business Development.

Philippe Schlaepfer, an accomplished senior executive in the chemical industry has spent more than 15 years in Asia Pacific as a key contributor to building Ciba’s Polymer Additives business in this fast growing region. In the last 5 years he headed up Ciba’s global Antioxidant portfolio and Polymer Additives business for the global Polymer producing industry. With more than 20 years’ experience Schlaepfer has been a key executive in Ciba’s Global Plastic Additives Leadership team.

Since announcing the company’s Strategic Initiative in September 2006, Songwon has shown determination in the execution of their strategy to grow into a major global player in the specialty chemicals industry.

Jongho Park, Chairman and CEO of Songwon Industrial Co., Ltd. commented, “A key component of our strategy has been to establish a team of first class executives and we are pleased to have someone of Philippe’ s calibre joining this team to further enhance our ability to achieve our strategic goals.”

“In these times of economic uncertainty we believe there are many attractive opportunities to further strengthen our position. Philippe’s experience, knowledge and ability will make a significant contribution in positioning Songwon as a leading global player in its core activities,” Park concluded.

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