BASF and Huayuan Group form strategic partnership focusing on sustainable and innovative solutions

• Advance collaboration in various sectors such as raw materials, surface technologies, and packaging to better serve local and overseas customers

BASF and Huayuan Group today signed a strategic cooperation intention agreement to strengthen their collaboration in the areas of raw material supply, market expansion, and product development. The two companies will work together on offering high-quality and innovative solutions to serve the increasing demand from various industries in China and overseas.

The business cooperation between BASF and the Huayuan Group dates back more than a decade. Under the new agreement, BASF will continue to provide Huayuan with high-quality ingredients. Meanwhile, leveraging BASF's deep know-how and extensive innovative solutions in the chemical industry, the partners will expand the cooperation in metal pretreatment technologies, pharmaceutical materials, and sustainable packaging materials, further supporting the development of both companies in key strategic industries.

"The Huayuan Group is a major Chinese player in high-end manufacturing, new energy, and advanced materials. By forming a strategic partnership in broad scope, we will meet customers’ increasing demands for high-quality products in various industries,” said Dr. Jeffrey Lou, President and Chairman, BASF Greater China.

Headquartered in Dongyang, Zhejiang Province, Huayuan Group is ranked among the top 500 private enterprises in China, with eight national high-tech enterprises. Shao Qin Xiang, Chairman and President of Huayuan Group, said: "This agreement is built on the long-term relationship and cooperation between the two companies. Huayuan Group and BASF will combine respective strengths and expand their cooperation areas to achieve mutual business growth."

About Huayuan Group

Founded in 1981, after more than 40 years of development, Huayuan Group has become a national-level enterprise group with more than 50 wholly owned and holding companies. At present, Huayuan Group mainly has five industries: biology and medicine, new energy and new materials, mahogany furniture and wood products, new building materials and architecture, cultural tourism and education and health. In 2021, Huayuan Group achieved an operating income of 36billion RMB, a total profit and tax of 1.5 billion RMB, a total asset of 27.8 billion RMB, and a net asset of 15.1 billion RMB.

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. Around 111,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €78.6 billion in 2021. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.

Media Contacts:

BASF
Corporate Communications

Joy Shan
Phone: +86 21 2039 5487
Email: joy.a.shan@basf.com

Huayuan Group
Media Center

Wang Jianghong
Phone: +05 79 8627 0020
EMail: 641994907@qq.com