Celanese Corporation, a global chemical and specialty materials company, and Beijing Oriental Yuhong Waterproof Technology Co., Ltd., announced they have signed a comprehensive strategic cooperation and development agreement.
The agreement aims to further expand cooperation in product research and development, expansion into emerging markets, and the advancement of industry, safety and environmental protection practices and sustainability.
Key components of the strategic cooperation agreement include the sharing of information and practices in the use of emulsions for waterproofing applications. Additionally, the companies will evaluate where Celanese can develop new product applications for use in Oriental Yuhong’s waterproofing business. Furthermore, the companies will begin the sharing of product development information and engage in discussions around plant productivity and sustainability in order to drive cost savings and identify potential opportunities for improving production and operational sustainability. Finally, the companies are expected to evaluate potential new supply arrangements in the Asia-Pacific region.
“Celanese and Oriental Yuhong have been working together commercially for more than a decade in the area of emulsions and vinyl acetate chemistry and this strategic cooperation agreement is the next logical step in our business relationship,” said Florian Kohl, Celanese Vice President, VAM and Emulsions.
“This agreement marks the joint effort of the two companies in providing fast-rising technologies in the construction and coatings business and expanding into emerging markets. It also provides a gateway for promoting more eco-friendly solutions in the future. This agreement will fulfil our mission to create a more sustainable and safe environment and customers will, therefore, enjoy high-quality construction products and services. We look forward to continuing our partnership with Celanese, a world-renowned brand with strong innovation, research and technical development capabilities, to build a better world for everyone,” said Xiang Jinming, Vice Chairman and Executive President, Beijing Oriental Yuhong Waterproof Technology
Financial, contractual and commercial terms of this strategic cooperation and development agreement are not being disclosed at this time.