Songwon, Pan Gulf and Polysys form Songwon Additive Technologies AG for global manufacture and sale of Songnox® OPS

Ulsan, Korea - October 16, 2012 - Today, Songwon Industrial Group, Pan Gulf Holdings of Saudi Arabia and Polysys Industries of Abu Dhabi proudly announce the establishment of their Joint Venture, Songwon Additive Technologies AG, for the manufacture and sale of Songnox® OPS. This follows the signature of a Memorandum of Understanding (MoU) among the three partners announced on December 14, 2011. (Link to the press release).

Songwon Additive Technologies AG, a holding company based in Switzerland, owns 100% of Songwon ATG GmbH (formerly Additives Technology Greiz GmbH (ATG)), one of Europe’s largest manufacturers of One Pack Systems (OPS), and is at an advanced stage of establishing manufacturing companies in the Middle East and United States. In addition Songwon Additive Technologies AG will establish a wholly owned subsidiary, Songwon Additives Technology Middle East, for the sale of Songnox® OPS and other Songwon products. Sales of Songnox® OPS in the rest of the world will be channeled through the existing Songwon sales and distribution network.

Maurizio Butti, Chief Operating Officer and Member of the Songwon Industrial Group Executive Committee, stated: “Songwon has established a leading position in the global polymer stabilizers market and is committed to grow and extend its offering and services to the polymer industry. A global network with regional OPS manufacturing units will be a cornerstone to this strategy. A strong European presence has already been established through the acquisition of ATG and the subsequent expansion of its production capacity, announced on October 04, 2012. (Link to the press release). The newly-formed Joint Venture will accelerate the establishment of our global OPS network, in particular capitalizing on our partners’ expertise in the Middle East which is rapidly becoming the key region for OPS.”

Jongho Park, Chairman and CEO and Head of the Songwon Industrial Group Executive Committee, added: “We are proud and pleased to partner with Pan Gulf and Polysys with whom we share common values and goals. Their interest in entering into a global business venture with Songwon is a statement of confidence in our ability to deliver and our commitment to the polymer industry.”

Khalid Al Hamdan, Managing Director of Pan Gulf Holding Company W.L.L., added: “This Joint Venture with Songwon is an important addition to the already existing portfolio of Pan Gulf services for the petrochemical sector in the Gulf, and fits our strategy of introducing the latest technical innovation to our clients. We are proud to be associated with Songwon to offer this innovative OPS service globally.”

In conclusion, Mohamed Al Muhairi, Chairman of the Board of Polysys Industries LLC., commented: “Through this partnership Polysys Industries has taken an important step in building it’s presence in the Petrochemicals value chain. Songwon is already one of the major global suppliers of polymer stabilizers to the polymer industry and we are excited to work with our partners to develop a leading joint position in the OPS business.”

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