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Momentive Specialty Chemicals Inc has announced that it has signed a non-binding Memorandum of Understanding (MoU) with India-based Kanoria Chemicals & Industries Limited to form a joint venture (JV) that would construct a phenolic speciality resins plant in India at Kanoria’s existing production facility at Visakhapatnam, Andhra Pradesh.
In addition, under the agreement, for a cash consideration, Kanoria would transfer its currently existing manufacturing facility in Visakhapatnam to the proposed JV, while Momentive Specialty Chemicals would provide technology supporting its speciality phenolic resins, formaldehyde and hexamine businesses, as well as its current business in India, to the JV.
It is envisioned that both parties would have equal (50%) ownership of the JV. Under the MoU, the companies will work to identify and evaluate additional growth opportunities for speciality chemicals in such vertical markets as automotive, industrial and construction.
"We are pleased to have the opportunity to partner with Kanoria, one of the leading manufacturers of chemical intermediates in India,” said Craig O Morrison, Chairman, President and CEO.
"India is a critical market for speciality chemicals and the MoU represents another example of our commitment to strategically invest in the region,” he added.