Ascend acquires domestic modified plastics company for the first time

The world-renowned large-scale integrated PA66 product series manufacturer Ascend Functional Materials announced in Shanghai on June 11 that it has signed an agreement to acquire Changshu City Hersbit New Material Co., Ltd. and Tehe Engineering Plastics (Suzhou) Co., Ltd. All assets.

According to reports, the acquisition includes the manufacturing plants, technology centers, warehouses and other assets of the two companies located in the Yushan High-tech Industrial Development Zone in Changshu, Jiangsu Province. The terms of the acquisition were not disclosed and are expected to be completed in August this year.

This acquisition implements Ascent's global layout and deep development of local development strategies. In addition to the modified material production line, Ascend will also set up local product technology research and development centers, focusing on applications in the automotive, electronic and electrical, consumer and industrial fields, as well as emerging applications such as 3D printing and high-performance film-grade materials .

Mr. Phil McDivitt, President and CEO of Ascend Global, said: "This acquisition aims to enhance Ascend's localization capabilities to better meet the growing needs and future business development of Asian customers, demonstrating that we are a customer Long-term commitment to provide superior products and services and confidence in the Asian market. Changshan Yushan High-tech Industrial Development Zone of Jiangsu Province is close to Shanghai and China’s major automotive industry clusters, and its unique geographical conditions are our ideal choice to make us Can better serve the booming Asian market."

Dr. Wu Xianliang, Senior Vice President of Ascension Global and Managing Director of the Asia Pacific Region, said, "This is a key step in Ascension's strategic development in Asia, because we have localized production and R&D capabilities that can efficiently respond to customer needs and Tailor-made products and solutions for the Asian market. We are very grateful to the Changshan Yushan High-tech Industrial Development Zone in Jiangsu Province and the local government for their strong support for this acquisition."

It is also reported that Ascenda is headquartered in Houston, Texas, USA, and has nine branches worldwide, including five integrated production bases in the southeastern United States and one engineering plastics production base in Europe, dedicated to Technical innovation and safe production of nylon 66. Ascension Asia is headquartered in Shanghai, China and was established in 2009. It is committed to providing tailor-made products and applications for manufacturers in major industries in the Asia-Pacific region.