Mexichem’s VESTOLIT Subsidiary to Increase Specialty PVC Capacity in German Plant
By Business Wire News
By Business Wire News
VESTOLIT, a 100% subsidiary of Mexichem (BMV:MEXCHEM) acquired in 2014, announced today that it is moving forward to expand its position as a leading producer of specialty Paste PVC.
VESTOLIT will build a new production line with an annual capacity of 40,000 metric tons of Paste (Emulsion) PVC. The line will combine the established leading polymerization technology with a newly developed, energy efficient, drying technology. Furthermore, the facility in Marl, Germany, will become the largest single site for Emulsion PVC; it is already European’s largest fully back integrated PVC site.
“We are pleased to support the continued growth and development of Vestolit, as part of our global strategy to expand our asset base and increase our focus on specialty products,” said Carlos Manrique, President of Mexichem Chlor-Vinyl. “This new production line reinforces Vestolit’s reputation as a provider of efficient technological solutions to an expanding customer base.”
“By utilizing our cutting edge technology, we will strengthen our market position in ultra-low viscous PVC and better serve our customers’ needs. At the same time, we will be building on our technology platform, which can effectively be replicated at other Mexichem sites around the world,” added Dr. Michael Träger, CEO of VESTOLIT.
VESTOLIT is Europe’s only manufacturer of High Impact Suspension PVC (HIS-PVC) for weather-resistant windows and is Europe’s second-largest producer of Paste PVC for floors and wallpapers, among others. VESTOLIT also produces Chlor-alkali and its derivates used for a variety of chemical and industrial applications and is vertically integrated in a single site from salt through Specialty PVC. Vestolit is consolidated under Mexichem’s Chlorine-Vinyl Chain.
Mexichem is a worldwide leader in plastic pipes, and one of the largest chemical and petrochemical companies, with more than 50 years of experience in LatAm. The Company contributes to the development of the countries by delivering an extended portfolio of products used in high growth sectors such as infrastructure, housing, telecommunications, drinking and potable water in Mexico, the USA, Europe, Asia, Africa (South Africa), Middle East (Oman), and LatAm. The Company has annual revenues of US$5.6 billion, and has been traded on the Mexican Securities Exchange for more than 30 years.
In addition to historical information, this press release contains “forward-looking” statements that reflect management’s expectations for the future. The words “anticipate,” “believe,” “expect,” “hope,” “have the intention of,” “might,” “plan,” “should” and similar expressions generally indicate comments on expectations. The final results may be materially different from current expectations due to several factors, which include, but are not limited to, global and local changes in politics, the economy, business, competition, market and regulatory factors, cyclical trends in relevant sectors; as well as other factors that are highlighted under the title “Risk Factors” on the annual report submitted by Mexichem to the Mexican National Banking and Securities Commission (CNBV). The forward-looking statements included herein represent Mexichem’s views as of the date of this press release. Mexichem undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.”
Mexichem has implemented a new Code of Ethics that rules its relationships with its employees, clients, suppliers and general groups. Mexichem’s Code of Ethics is available for consulting in the following link: http://www.mexichem.com/Codigo_de_etica.htmlAdditionally, according to the terms contained in the Securities Exchange Act No 42, Mexichem Audit Committee established a mechanism of contact, which allows that any person that knows the unfulfilment of operational and accounting records guidelines and lack of internal controls of the Code of Ethics, from the Company itself or from the subsidiaries that this controls, file a complaint which is anonymously guaranteed. The whistleblower program is facilitated by a third party. The telephone number in Mexico is 01-800-062-12-03. The website is http://www.ethic-line.com/mexichem and contact e-mail is firstname.lastname@example.org. Mexichem’s Audit Committee will be notified of all complaints for immediate investigation.