Finnish chemical company Kemira and Singaporean agribusiness group Wilmar have agreed to terminate their joint venture agreement due to changes in their commercial objectives.
Kemira and Wilmar, through their subsidiaries, had signed joint venture agreement to manufacture Alkyl Ketene Dimer (AKD) wax in China in November 2013. The agreement was expected to strengthen Kemira’s position in Asia Pacific region.
Dave Cui Xinyu, Head of Wilmar Oleochemicals, China, had said: "The JV, which will be an expansion down the oleochemicals value chain for Wilmar, will capitalize on Wilmar's advantage in sourcing of raw materials as well as on cost efficiencies from its integrated manufacturing operations. The JV will also enhance Wilmar's footprint in the Asia Pacific region."
