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Big move! Chemical giant BASF quits its joint venture synvina and terminates its cooperation with avantium

big move! BASF, the chemical giant, withdrew from the joint venture synvina and terminated the cooperation with avantium. Recently, January 9, 2019. BASF and avantium, the founding companies of synvina, the joint venture, have confirmed that the company will end the cooperative relationship from January 15, 2019, two months after admitting that there are differences of views

avantium will acquire BASF's equity in synvina, a joint venture, and synvina will continue to operate as a wholly-owned subsidiary of avantium. In addition, YXY technology, know-how and employees will return to avantium, allowing the company to continue to seek alternative steps to realize the commercialization of Chinese coatings technology

synvina was founded in 2016 to commercialize the YXY technology developed by avantium. YXY technology converts plant sugars into FDCA and plastics through catalysis. For example, new polymer P has been directly serving EF materials in blow molding industry

previously, BASF and avantium established a joint venture to establish a * commercial scale FDCA plant in Antwerp, Belgium, for the production of basic component materials in PEF. PEF is a 100% biological based pet substitute

in October, BASF sent a notice to avantium, saying that if the invested factory failed to meet its investment standards on December 5, 2018, it had the right to withdraw from synvina. BASF claimed that the provision was based on the joint venture agreement originally signed by the two parties

avantium* executive officer tomvanaken said:

"we are full of confidence in the unique performance of YXY technology and PEF, which has been confirmed by the high attention in the market and synvina's existing partners. We look forward to seeking further options without constraints based on the work developed in synvina, so as to give full play to the potential of PEF

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