Beijing – Sinochem Group Co. and China National Chemical Corp. (ChemChina) completed their merger process on 8 May to create one of the leading Chinese state-owned companies, Sinochem Holdings.
Headquartered in Beijing, Sinochem Holdings has more than 220,000 employees and operates in eight business sectors including rubber& tire, materials science, basic chemicals, and machinery & equipment.
Claimed to be “the world's largest chemical conglomerate”, Sinochem Holdings has subdivisions of fluorine silicon materials, engineering plastics and rubber additives within its materials science business, the group said in an 8 May statement.
The group’s basic chemicals business develops “the entire value chain of petrochemical industry,” it added.
Commenting on the merger, state councilor Wang Yong said the creation of Sinochem Holdings was a major move to promote the optimisation of the state-owned economy.
Sinochem Holdings owns production bases and R&D facilities in more than 150 countries of the world, accompanied by a large marketing network.
After restructuring, Sinochem Holdings will have 16 listed companies in China and abroad, which include Norwegian silicones manufacturer Elkem and Italian tire maker Pirelli.