News
New ChemChina website highlights growing status
By Song Ping and Xiao Wan (China Daily)
Updated: 2010-04-06 08:06
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ChemChina's new website went online on March 17 with all-new design and content, part efforts by the country's leading chemicals producer to further develop as a multinational company.
Offered in Chinese, English and French, the site now serves as an international portal for information on the State-owned giant.
The website showcases a number of pictures showing the connection between chemicals and life. Comics in the "Chemicals & Life" section use humor to explain its products in an enjoyable way.
The site includes a "Responsible Care" section illustrating ChemChina's social responsibility in efforts such as the BlueStar summer camp and children's painting exhibitions.
"In the pursuit of growing our business, we have been exploring sustainable development and making a positive commitment to social responsibility," ChemChina President Ren Jianxin said in a statement on the website.
EVA system
After establishment in 2004, ChemChina has continued to grow and meet international standards, Ren said, through efforts such as a recent agreement with global consulting company Stern Stewart & Co to adopt an economic value added (EVA) system to estimate profit.
The first large enterprise owned by the central government to adopt the EVA system, the move helps ChemChina further improve its management system, said Ren
The EVA management of ChemChina has taken the lead in central State-owned enterprises and will accelerate the overall EVA management for them, said Liu Nanchang, head of the comprehensive management bureau with State-owned Assets Supervision and Administration Commission of the State Council.
Aiming to be a world leader in advanced chemical materials, ChemChina is now restructuring to focus on material science, life science, and environmental science, the company president said.
It now has four overseas subsidiaries, including Adisseo and Bluestar Silicones in France, and Qenos in Australia.
It has formed partnerships with many global consulting companies and the cooperation with Stern Stewart is a case in point, Ren added.
In 2008 ChemChina completed its stake transfer deal with the Blackstone Group, which saw the US private equity company pay $600 million for a 20 percent share in BlueStar, a subsidiary of ChemChina.
The arrangement will help BlueStar improve its technology and management, making ChemChina ever-more multinational, said Ren.
"A company has many ways to successfully achieve overseas development," he added. "It can choose to form cooperation agreements with overseas partners. It can also open plants overseas."
"For ChemChina, I think our best route is to make acquisition deals. Through acquisitions we can have access to larger markets and more advanced technology. It is also a valuable route for securing new talent."
Total ChemChina assets have risen from about 20 billion yuan in 2004 to more than 150 billion yuan last year. Sales revenues surged from 15 billon yuan to over 120 billion yuan over the same period.
According to the Internet Corporate Identity System, the world's leading information provider for the chemical and oil industries, ChemChina ranked 19th on the list of top 100 global chemical enterprises in 2008.
(China Daily 04/06/2010 page15)
