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Huafon Chemical Co., Ltd. agreed to acquire Zhejiang Huafon Thermoplastic Polyurethane Co., Ltd. from Huafon Group Co., Ltd. for a total consideration of CNY 6 billion (including another acquisition).
Huafon Spandex plans to acquire 100% of Huafon New Material from Huafon Group and others for 12 billion yuan, in a related-party transaction. The deal includes a cash payment of 1.2 billion yuan to the controlling shareholder family.
BASF and Huafon Group signed a strategic cooperation agreement to develop the polyurethane, bio-fibre and spandex markets in China, focusing on technical exchange, market development, and raw material supply.