Industry News

Dynea to Invest in Formaldehyde Production in Vietnam

Published on 2005-01-13. Author : SpecialChem

The Board of Directors of Dynea International Oy has approved a plan to build a formaldehyde plant at the site of Dynea Vietnam in Dong Nai Province 70 km north east of Ho Chi Minh City.

Dynea Vietnam already supplies the fast growing wood panel industries in the region. "Dynea's goal is to be the preferred panel board resin producer in the Asia Pacific region. This investment supports that vision and fits well with our growth plans. By ensuring the supply of formaldehyde for our production, we can serve our customers even faster and more reliably than ever," says Øivind Isaksen, Senior Vice President of Dynea's Panel Board Resins in Asia Pacific.

Dynea's operations in Vietnam were established in 1996. Today Dynea is the market and technology leader in the local panel board resin business. The existing resin plant is running close to maximum capacity and with the new formaldehyde production capacity Dynea Vietnam will become the most competitive supplier in the local market. The panel board resin market in Vietnam has developed rapidly during the recent years. Future growth is expected through the developing furniture industry, which serves both the domestic as well as export markets.

In addition to the panel board resin business Dynea Vietnam is a quickly growing supplier to the local wood and specialty adhesives market. EPI and PVAc adhesives are produced for applications within the furniture industry and solvent based adhesives for applications within the footwear industry. "Dynea's new investment in formaldehyde will further strengthen our leading supplier position to the furniture industry," Le Hoang Angh, General Manager Dynea Vietnam, says.

"Dynea's strategy for global growth includes strengthening our presence in Asia. This new investment in Vietnam is another indication of Dynea's commitment to meet the needs of our fast growing customer industries in the Asian markets," says Roger Carlstedt, President and CEO of Dynea.

Dynea in Brief

Dynea is a global provider of superior adhesion and surfacing solutions. Dynea's Prefere™ adhesive resins are used in a variety of applications by the panel board industry, laminated beam and structural wood manufacturers, the mineral and glass fibre industry, the paper impregnating industry, and many others. Dynea's Ultim™ family of high quality paper overlays products are for both decorative and industrial uses.

Dynea has combined revenues of approximately EUR 1.0 billion. With 55 production units in 26 countries in Europe, the Americas and Asia Pacific, Dynea has some 3,200 employees.

In the Asia Pacific region, Dynea produces adhesive resins in Australia, China, Indonesia, Malaysia, New Zealand, Pakistan, Singapore, Thailand and Vietnam. Dynea also has paper overlays production in Indonesia and China. Dynea's R&D centres, serving primarily the region's wood-working industries are located in New Zealand and Singapore.

Industri Kapital in Brief

Dynea is controlled by the Industri Kapital 1997 and 2000 funds. Industri Kapital is a European private equity firm with Nordic roots, managing close to EUR 4 billion in fund commitments from Nordic, European and international institutional investors. Since 1989, Industri Kapital has acquired 48 European companies. The current portfolio encompasses 26 companies with a total turnover exceeding EUR 9 billion.

Source: Dynea International Oy

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