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ChemChina

China National Chemical Corporation, commonly known as ChemChina, is a Chinese state-owned chemical company in the product segments of agrochemicals, rubber products, chemical materials and specialty chemicals, industrial equipment, and petrochemical processing for the civilian and military sectors.[2] As of 2020, it is ranked 164th among the Fortune Global 500 companies.[3]

China National Chemical Corporation
ChemChina
FormerlyBluestar (1984-2004)
TypeState-owned enterprise
IndustryChemicals
Founded1984; 39 years ago (1984)
FounderRen Jianxin
Headquarters,
China
Key people
Ning Gaoning (Chairman)
Revenue CN¥300.127 billion (2016)
CN¥002.803 billion (2016)
CN¥000119 million (2016)
Total assets CN¥377.642 billion (2016)
Total equity CN¥024.061 billion (2016)
ParentSASAC
SubsidiariesADAMA (100%)
Pirelli (45.5%)
Syngenta (98.0%)
Sanonda (30.75%)
Chinese name
Simplified Chinese中国化工集团公司
Traditional Chinese中國化工集團公司
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Huàgōng Jítuán Gōngsī
Websitewww.chemchina.com
Footnotes / references
in a consolidated basis[1]

History edit

Bluestar Company edit

ChemChina began as a small solvents factory called Bluestar Company (Chinese: 蓝星公司), founded by Ren Jianxin in 1984 with a 10,000-yuan loan.[4] Ren created the ChemChina empire by taking control of over 100 troubled state-owned chemical factories across China, with the government retaining ownership. Meanwhile, he avoided laying off excess workers by shifting them to the company's Malan Noodle [zh] restaurant chain.[5] He brought in consultants to professionalize the company's management, and it has become one of China's most dynamic state enterprises.[5]

State company edit

In May 2004, after the State Council of the People's Republic of China approved a merger of companies formerly under the Ministry of Chemical Industry as the China National Chemical Corporation (ChemChina), Ren Jianxin became its CEO; in December 2014 he became the chairman of the board of directors.[4]

Within ChemChina's agrochemicals business is a large portfolio of companies including Sanonda Holdings, Cangzhou Dahua, Shandong Dacheng, Jiangsu Anpon, Anhui Petrochemicals, and Huaihe Chemicals. It added Israel-based Makhteshim Agan (renamed to Adama Agricultural Solutions) in 2011 to the division in a 2.4 billion US dollars acquisition of a 60% stake in the company, the largest manufacturer of generic pesticides.[6]

The chemical materials and speciality chemicals group made overseas acquisitions with two deals in 2006, both to acquire French companies.[7] The first one was the Adisseo Group, a global animal nutrition feed firm that specialized in producing methionine, vitamins and biological enzymes. At the time of the purchase, Adisseo had worldwide market share of 30% in methionine.[7] The other company was the organic silicon and sulphide business of Rhodia.[7] With this acquisition the company became the third largest producer in the world of organic silicon.[7]

The petrochemical processing division has been operating refineries including small ones known as teapot plants, giving it an oil processing capacity of about 25 million tonnes (25,000,000 long tons; 28,000,000 short tons) a year or about 500,000 barrels per day. After regulations liberalized the import of crude and fuel products in China, the company opened a trading office in Singapore in October 2013.[8]

In March 2015, it was announced that Pirelli shareholders had accepted a €7.1 billion bid from ChemChina for the world's fifth-largest tyre maker.[9][10]

Syngenta acquisition edit

In February 2016, ChemChina agreed to a $43 billion bid for Swiss seeds and pesticides group Syngenta,[11] the largest ever foreign purchase by a Chinese firm.[12][11] The deal was awaiting approval by the Committee on Foreign Investment in the United States (CFIUS) and European government panels, citing food safety and security concerns. In June 2016, both companies refiled the transaction for CFIUS approval, forcing them to restart the application process.[13] In August 2016, the CFIUS cleared the deal, while the merger still awaited the regulatory review and concessions made towards the European Commission,[14] in particular with regard to divesting itself from agrochemical subsidiary Adama Agricultural Solutions (which was planned to sell to ChemChina's associated company Sanonda).[15]

The Australian Competition & Consumer Commission cleared the deal in December 2016, but the buy-out was again delayed due to European antitrust investigations.[16] In April 2017, the European Commissioner for Competition and the U.S. Federal Trade Commission both approved the merger, requiring ChemChina to divest from pesticide production of paraquat, abamectin and chlorothalonil.[17][18] The European Commission also addressed competition concerns with regard to plant growth regulators and reiterated the expected commitments for divestment from ADAMA-related products.[19] As of May 26, 2017, ChemChina's plan to purchase Syngenta for $44 billion was nearing completion,[12] with ChemChina amassing "huge bridge loans" to pay Syngenta stockholders.[12] The deal was completed that same month with 82.2 percent of Syngenta shares and depository receipts offered.[15]

Sinochem merger edit

In May 2017, Reuters, reported that discussion had begun regarding the merging and consolidation of ChemChina and state-owned Sinochem, overtaking industry leaders such as BASF, in a deal worth around $120 billion.[20] ChemChina merged with Sinochem Group to form Sinochem Holdings Corporation Ltd in 2021. This company also belongs to the Chinese state.[21][22]

U.S. sanctions edit

In August 2020, the United States Department of Defense published the names of companies operating directly or indirectly in the United States with ties to the People's Liberation Army. ChemChina was included on the list.[23][24] In November 2020, Donald Trump issued an executive order prohibiting any American company or individual from owning shares in companies that the United States Department of Defense has listed as having links to the People's Liberation Army, which included ChemChina.[25][26]

In October 2022, the United States Department of Defense added ChemChina to a list of "Chinese military companies" operating in the U.S.[27]

Subsidiaries edit

References edit

  1. ^ 2016年年度报告 [2016 Annual Report] (in Chinese (China)). ChemChina. 29 April 2017. Retrieved 9 January 2018 – via chinabond.com.cn.
  2. ^ "About Us". ChemChina. Retrieved 3 January 2016.
  3. ^ "ChemChina". Fortune. Retrieved 5 March 2019.
  4. ^ a b "Management: Ren Jianxin". Pirelli. 20 October 2015. Retrieved 3 February 2016.
  5. ^ a b "Better than barbarians". The Economist. 14 January 2016.
  6. ^ Yap, Chuin-Wei (January 11, 2011). "China Spends $2.4 Billion…On Pesticides?". Wall Street Journal.
  7. ^ a b c d "ChemChina deals boost its profile". People's Daily. October 31, 2008.
  8. ^ "ChemChina moving into Singapore oil hub to speed crude buys". Reuters. 2013-08-22. Retrieved 2020-06-30.
  9. ^ "ChemChina makes €7.1bn bid for Pirelli". The Guardian. Reuters. 23 March 2015. Retrieved 23 March 2015.
  10. ^ "ChemChina and Camfin Signed Share Purchase Agreement with respect to Pirelli". ChinaChem. 23 March 2015. Retrieved 22 January 2016.
  11. ^ a b "ChemChina nearing to buy Syngenta for record $43 billion". Bloomberg Business. 3 February 2016. Retrieved 4 February 2016.
  12. ^ a b c Webb, Quentin (May 26, 2017). "To Pay for Syngenta, ChemChina Looks to Beijing for Help". The New York Times. New York City, United States. Retrieved May 29, 2017.
  13. ^ J. Browning, D. McLaughlin (June 2016). "ChemChina Said to Add Time for U.S. Syngenta Deal Review". Bloomberg.com News. Retrieved 26 July 2016.
  14. ^ "M.7962 CHEMCHINA / SYNGENTA". European Commission. European Union. Retrieved 27 October 2016.
  15. ^ a b "ChemChina gets around 82 percent of Syngenta in $43 billion deal". Reuters. 10 May 2017.
  16. ^ "ChemChina ready for concessions to clinch delayed Syngenta deal in 2017". Reuters.com. Retrieved 26 October 2016.
  17. ^ Tsang, Amie (6 April 2017). "Deal's Approval Buoys China in Its Quest for Food Security". The New York Times. p. A1. Retrieved 8 April 2017.
  18. ^ "FTC Requires China National Chemical Corporation and Syngenta AG to Divest U.S. Assets as a Condition of Merger". Federal Trade Commission. 4 April 2017. Retrieved 8 April 2017.
  19. ^ "Mergers: Commission clears ChemChina acquisition of Syngenta, subject to conditions". European Commission. 5 April 2017. Retrieved 8 April 2017.
  20. ^ "As Syngenta deal closes, ChemChina and Sinochem press $120 billion deal: sources". Reuters. 2017-05-23. Retrieved 2020-07-01.
  21. ^ "China: Neuer Chemie-Riese: Fusion von Sinochem und Chemchina steht kurz bevor". www.handelsblatt.com (in German). Retrieved 2022-08-05.
  22. ^ "Sinochem Holdings > About Us > Profile > History". www.sinochem.com. Retrieved 2022-08-05.
  23. ^ "DOD Releases List of Additional Companies, in Accordance with Section 1237 of FY19 NDAA". U.S. Department of Defense. August 28, 2020. from the original on 30 August 2020. Retrieved 30 August 2020.
  24. ^ "Qualifying Entities Prepared in Response to Section 1237 of the National Defense Authorization Act for Fiscal Year 1999 (PUBLIC LAW 105–261)" (PDF). U.S. Department of Defense. August 28, 2020. (PDF) from the original on 28 August 2020. Retrieved 30 August 2020.
  25. ^ Chen, Shawna (November 12, 2020). "Trump bans Americans from investing in 31 companies with links to Chinese military". Axios. Retrieved November 12, 2020.
  26. ^ Pamuk, Humeyra; Alper, Alexandra; Ali, Idrees (2020-11-12). "Trump bans U.S. investments in firms linked to Chinese military". Reuters. Retrieved 2020-11-12.
  27. ^ "DOD Releases List of People's Republic of China (PRC) Military Companies in Accordance With Section 1260H of the National Defense Authorization Act for Fiscal Year 2021". U.S. Department of Defense. 2022-10-05. Retrieved 2022-10-05.

External links edit

  • Official website  

chemchina, confused, with, chinachem, sinochem, china, national, chemical, corporation, commonly, known, chinese, state, owned, chemical, company, product, segments, agrochemicals, rubber, products, chemical, materials, specialty, chemicals, industrial, equipm. Not to be confused with Chinachem or Sinochem China National Chemical Corporation commonly known as ChemChina is a Chinese state owned chemical company in the product segments of agrochemicals rubber products chemical materials and specialty chemicals industrial equipment and petrochemical processing for the civilian and military sectors 2 As of 2020 it is ranked 164th among the Fortune Global 500 companies 3 China National Chemical CorporationTrade nameChemChinaFormerlyBluestar 1984 2004 TypeState owned enterpriseIndustryChemicalsFounded1984 39 years ago 1984 FounderRen JianxinHeadquartersHaidian District Beijing ChinaKey peopleNing Gaoning Chairman RevenueCN 300 127 billion 2016 Operating incomeCN 00 2 803 billion 2016 Net incomeCN 000 119 million 2016 Total assetsCN 377 642 billion 2016 Total equityCN 0 24 061 billion 2016 ParentSASACSubsidiariesADAMA 100 Pirelli 45 5 Syngenta 98 0 Sanonda 30 75 Chinese nameSimplified Chinese中国化工集团公司Traditional Chinese中國化工集團公司TranscriptionsStandard MandarinHanyu PinyinZhōngguo Huagōng Jituan GōngsiWebsitewww wbr chemchina wbr comFootnotes referencesin a consolidated basis 1 Contents 1 History 1 1 Bluestar Company 1 2 State company 1 3 Syngenta acquisition 1 4 Sinochem merger 1 5 U S sanctions 2 Subsidiaries 3 References 4 External linksHistory editBluestar Company edit ChemChina began as a small solvents factory called Bluestar Company Chinese 蓝星公司 founded by Ren Jianxin in 1984 with a 10 000 yuan loan 4 Ren created the ChemChina empire by taking control of over 100 troubled state owned chemical factories across China with the government retaining ownership Meanwhile he avoided laying off excess workers by shifting them to the company s Malan Noodle zh restaurant chain 5 He brought in consultants to professionalize the company s management and it has become one of China s most dynamic state enterprises 5 State company edit In May 2004 after the State Council of the People s Republic of China approved a merger of companies formerly under the Ministry of Chemical Industry as the China National Chemical Corporation ChemChina Ren Jianxin became its CEO in December 2014 he became the chairman of the board of directors 4 Within ChemChina s agrochemicals business is a large portfolio of companies including Sanonda Holdings Cangzhou Dahua Shandong Dacheng Jiangsu Anpon Anhui Petrochemicals and Huaihe Chemicals It added Israel based Makhteshim Agan renamed to Adama Agricultural Solutions in 2011 to the division in a 2 4 billion US dollars acquisition of a 60 stake in the company the largest manufacturer of generic pesticides 6 The chemical materials and speciality chemicals group made overseas acquisitions with two deals in 2006 both to acquire French companies 7 The first one was the Adisseo Group a global animal nutrition feed firm that specialized in producing methionine vitamins and biological enzymes At the time of the purchase Adisseo had worldwide market share of 30 in methionine 7 The other company was the organic silicon and sulphide business of Rhodia 7 With this acquisition the company became the third largest producer in the world of organic silicon 7 The petrochemical processing division has been operating refineries including small ones known as teapot plants giving it an oil processing capacity of about 25 million tonnes 25 000 000 long tons 28 000 000 short tons a year or about 500 000 barrels per day After regulations liberalized the import of crude and fuel products in China the company opened a trading office in Singapore in October 2013 8 In March 2015 it was announced that Pirelli shareholders had accepted a 7 1 billion bid from ChemChina for the world s fifth largest tyre maker 9 10 Syngenta acquisition edit In February 2016 ChemChina agreed to a 43 billion bid for Swiss seeds and pesticides group Syngenta 11 the largest ever foreign purchase by a Chinese firm 12 11 The deal was awaiting approval by the Committee on Foreign Investment in the United States CFIUS and European government panels citing food safety and security concerns In June 2016 both companies refiled the transaction for CFIUS approval forcing them to restart the application process 13 In August 2016 the CFIUS cleared the deal while the merger still awaited the regulatory review and concessions made towards the European Commission 14 in particular with regard to divesting itself from agrochemical subsidiary Adama Agricultural Solutions which was planned to sell to ChemChina s associated company Sanonda 15 The Australian Competition amp Consumer Commission cleared the deal in December 2016 but the buy out was again delayed due to European antitrust investigations 16 In April 2017 the European Commissioner for Competition and the U S Federal Trade Commission both approved the merger requiring ChemChina to divest from pesticide production of paraquat abamectin and chlorothalonil 17 18 The European Commission also addressed competition concerns with regard to plant growth regulators and reiterated the expected commitments for divestment from ADAMA related products 19 As of May 26 2017 ChemChina s plan to purchase Syngenta for 44 billion was nearing completion 12 with ChemChina amassing huge bridge loans to pay Syngenta stockholders 12 The deal was completed that same month with 82 2 percent of Syngenta shares and depository receipts offered 15 Sinochem merger edit In May 2017 Reuters reported that discussion had begun regarding the merging and consolidation of ChemChina and state owned Sinochem overtaking industry leaders such as BASF in a deal worth around 120 billion 20 ChemChina merged with Sinochem Group to form Sinochem Holdings Corporation Ltd in 2021 This company also belongs to the Chinese state 21 22 U S sanctions edit Further information United States sanctions against China In August 2020 the United States Department of Defense published the names of companies operating directly or indirectly in the United States with ties to the People s Liberation Army ChemChina was included on the list 23 24 In November 2020 Donald Trump issued an executive order prohibiting any American company or individual from owning shares in companies that the United States Department of Defense has listed as having links to the People s Liberation Army which included ChemChina 25 26 In October 2022 the United States Department of Defense added ChemChina to a list of Chinese military companies operating in the U S 27 Subsidiaries editChina National Agrochemical Corporation 100 Sanonda Holdings 100 Sanonda expected 70 Adama Agricultural Solutions 100 References edit 2016年年度报告 2016 Annual Report in Chinese China ChemChina 29 April 2017 Retrieved 9 January 2018 via chinabond com cn About Us ChemChina Retrieved 3 January 2016 ChemChina Fortune Retrieved 5 March 2019 a b Management Ren Jianxin Pirelli 20 October 2015 Retrieved 3 February 2016 a b Better than barbarians The Economist 14 January 2016 Yap Chuin Wei January 11 2011 China Spends 2 4 Billion On Pesticides Wall Street Journal a b c d ChemChina deals boost its profile People s Daily October 31 2008 ChemChina moving into Singapore oil hub to speed crude buys Reuters 2013 08 22 Retrieved 2020 06 30 ChemChina makes 7 1bn bid for Pirelli The Guardian Reuters 23 March 2015 Retrieved 23 March 2015 ChemChina and Camfin Signed Share Purchase Agreement with respect to Pirelli ChinaChem 23 March 2015 Retrieved 22 January 2016 a b ChemChina nearing to buy Syngenta for record 43 billion Bloomberg Business 3 February 2016 Retrieved 4 February 2016 a b c Webb Quentin May 26 2017 To Pay for Syngenta ChemChina Looks to Beijing for Help The New York Times New York City United States Retrieved May 29 2017 J Browning D McLaughlin June 2016 ChemChina Said to Add Time for U S Syngenta Deal Review Bloomberg com News Retrieved 26 July 2016 M 7962 CHEMCHINA SYNGENTA European Commission European Union Retrieved 27 October 2016 a b ChemChina gets around 82 percent of Syngenta in 43 billion deal Reuters 10 May 2017 ChemChina ready for concessions to clinch delayed Syngenta deal in 2017 Reuters com Retrieved 26 October 2016 Tsang Amie 6 April 2017 Deal s Approval Buoys China in Its Quest for Food Security The New York Times p A1 Retrieved 8 April 2017 FTC Requires China National Chemical Corporation and Syngenta AG to Divest U S Assets as a Condition of Merger Federal Trade Commission 4 April 2017 Retrieved 8 April 2017 Mergers Commission clears ChemChina acquisition of Syngenta subject to conditions European Commission 5 April 2017 Retrieved 8 April 2017 As Syngenta deal closes ChemChina and Sinochem press 120 billion deal sources Reuters 2017 05 23 Retrieved 2020 07 01 China Neuer Chemie Riese Fusion von Sinochem und Chemchina steht kurz bevor www handelsblatt com in German Retrieved 2022 08 05 Sinochem Holdings gt About Us gt Profile gt History www sinochem com Retrieved 2022 08 05 DOD Releases List of Additional Companies in Accordance with Section 1237 of FY19 NDAA U S Department of Defense August 28 2020 Archived from the original on 30 August 2020 Retrieved 30 August 2020 Qualifying Entities Prepared in Response to Section 1237 of the National Defense Authorization Act for Fiscal Year 1999 PUBLIC LAW 105 261 PDF U S Department of Defense August 28 2020 Archived PDF from the original on 28 August 2020 Retrieved 30 August 2020 Chen Shawna November 12 2020 Trump bans Americans from investing in 31 companies with links to Chinese military Axios Retrieved November 12 2020 Pamuk Humeyra Alper Alexandra Ali Idrees 2020 11 12 Trump bans U S investments in firms linked to Chinese military Reuters Retrieved 2020 11 12 DOD Releases List of People s Republic of China PRC Military Companies in Accordance With Section 1260H of the National Defense Authorization Act for Fiscal Year 2021 U S Department of Defense 2022 10 05 Retrieved 2022 10 05 External links editOfficial website nbsp Retrieved from https en wikipedia org w index php title ChemChina amp oldid 1171183932, 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