china national chemical corporation is expanding its horizon to the whole world and actively carrying out a strategy of "going-out"and "bringing-in". it is taking full advantage of both domestic and international markets to look for diversified and prospective cooperation on a more open stage. so far, the company has cooperated with over 140 countries in the fields of technology, economy and resources.
introducing us' blackstone group as a strategic investment partner
on september 10, 2007, chemchina and the blackstone group, the biggest private equity fund in the us, established strategic investment cooperation. the blackstone group invested in chemchina's wholly-owned subsidiary - china bluestar (group) company - and is dedicated to building it into a leading company in the field of new chemical materials and specialized chemical products in the world.
the blackstone group invested 600 million us dollars to subscribe 20% of the shares of bluestar group, the first case of state-owned enterprises introducing overseas investors in china. two senior managing directors of the blackstone group, antony leung and ben jenkins, assumed the positions of vice president and member of the board of bluestar co, ltd.
"we are excited to have blackstone as a long term partner," said ren jianxin, chemchina president. "given blackstone's extensive and successful experience in the global chemical industry, this investment will assist bluestar in its growth and expansion."
"we believe china's sustained economic growth will support long-term growth of china's chemical industry," said antony leung, chairman of blackstone greater china. "it is a privilege to invest alongside a superb management team in a leading company in one of china's key industrial sectors."
"bluestar's focus on innovation and technology has made it the leading specialty chemical company in china," added ben jenkins, head of blackstone asia pacific private equity. "we are looking forward to using our global network to accelerate and extend growth of the company both in china and abroad."
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