• Partners will cooperate on technical exchange, market development, and raw materials
• Agreement builds on long-term relationship between BASF and Huafon

Shanghai, China – BASF and Huafon Group Co., Ltd. signed a strategic cooperation agreement to extend their partnership with initiatives to develop the polyurethane, bio-fiber and spandex markets in China. The two companies will work together in the areas of technical exchange, market development, and quality raw material supply.

According to the agreement, BASF and Huafon will jointly promote the growth of the polyurethane market in China, especially in the Western region. Additionally, BASF will develop specialty fiber and bio-content fiber for high-end apparel products with Huafon. In the field of spandex, BASF and Huafon will strengthen their cooperation in spandex technology, intermediate products and industrial digitalization. The companies will also work together to optimize their raw material resources.

“At BASF we innovate to make our customers more successful. This includes providing the right solutions and support to help our customers grow their business,” said Sanjeev Gandhi, member of the Board of Executive Directors, BASF SE, responsible for the Asia Pacific region.

You Xiaoping, Chairman of the Board of Directors, Huafon, “One key to Huafon’s success is partnering with the world’s leading chemical company, BASF. With this strategic cooperation, Huafon has reached another milestone in becoming an innovative, sustainable and global company.”

The two partners’ business relationship stretches back more than two decades. In May 2006, Huafon received the first batch of polytetrahydrofuran (PTHF®) delivered from BASF’s production site in Caojing. In 2007, Huafon was recognized as BASF’s strategic partner for the spandex business, the first such agreement by BASF with a customer in China. Since 2006, BASF has helped Huafon transform from a private family business into a leading public company, especially through support in the areas of environment, health and safety performance.

About Huafon Group

Established in May 1991, Huafon Group is a private shareholding enterprise which specializes in the chemical new material industries, and also participates in other ancillary industries such as metal, finance, logistics and trade. With more than 11,000 employees and total assets of CNY 35.433 billion, Huafon Group maintains production bases in 11 provinces and cities, and owns 2 public companies, 3 featured financial companies and 7 national new high-tech enterprises. Huafon Group is the largest domestic manufacturer of polyurethane (PU) products in China.

About BASF in Greater China

BASF has been a committed partner to Greater China since 1885. With major investments in Shanghai, Nanjing and Chongqing, BASF is the largest foreign investor in China’s chemical industry, and maintains the Innovation Campus Shanghai as a global and regional research and development hub. BASF posted sales of €7.3 billion in 2017 to customers in Greater China, and employed 8,982 people as of the end of that year. For further information, please visit www.basf.com/cn.

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 115,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into five segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas. BASF generated sales of €64.5 billion in 2017. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (BAS). Further information at: www.basf.com.