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Business
Evonik To Dissolve China Joint Venture
by Jean-François Tremblay
April 23, 2012
| A version of this story appeared in
Volume 90, Issue 17
Evonik Industries will exit its Evonik Sanzheng joint venture in China, according to Dahai Yu, a member of Evonik’s executive board. Yu declined to confirm a report in the German newspaper Handelsblatt that Evonik discovered improper payments and gifts at the joint venture, in which Evonik holds a 65% stake. In 2007, Evonik Sanzheng invested $35 million to build a cyanuric chloride plant in Chongqing. The venture also produces the intermediate chemical in Yingkou.
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