Chemical Conglomerate Aims at Global Top 500

摘要

A chemical conglomerate was officially launched in Beijing on May 10 through a government-led consolidation of two State-run chemical giants. The new conglomerate, named China National Chemical Corp, is mainly based on the merger between China National Blue Star Corp and China Haohua Chemical Industrial Corp. Another three unnamed small firms, previously affiliated with China's former Ministry of Chemical Industry, have also become part of the new conglomerate. Subject to the State-owned Assets Supervision and Administration (SASAC), the new conglomerate has a registered capital of 5.7 billion yuan (US$688.4 million) and some 100,000 employees. China National Chemical Corp aims to have total assets of 50 billion yuan (US$6.0 billion) and annual sales of more than 40 billion yuan (US$4.8 billion) this year, said company spokesman Fu Xiangsheng. However, Blue Star and Haohua will continue to exist as two entities under China National Chemical Corp.