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Globe and Mail
14-05-2025
- Business
- Globe and Mail
Cariflex Opens World's Largest Polyisoprene Latex Plant in Singapore, Following Over US$350 Million Investment
New facility increases Cariflex's global manufacturing capacity, with future expansion already enabled to meet growing market demand in the foreseeable future SINGAPORE , May 14, 2025 /CNW/ -- Cariflex Pte. Ltd. (Cariflex), the global market leader in polyisoprene rubber latex for medical-end markets and wholly owned subsidiary of DL Chemical Co., Ltd. (DL Chemical), officially inaugurated its new polyisoprene latex plant at Jurong Island, Singapore today. With an investment of US$355 million , the plant is the largest of its kind globally and will significantly expand Cariflex's production capacity to meet growing demand for high-quality synthetic latex used in medical and protective applications. The inauguration ceremony was officiated by Dr Tan See Leng , Singapore's Minister for Manpower and Second Minister for Trade and Industry, and attended by H.E. Hong Jin Wook, Ambassador of the Republic of Korea, Mr Kim Jong Hyun , Chief Executive Officer of DL Chemical, Mr Ryu Sang Woo , Chief Executive Officer of Cariflex, Mr Prakash Kolluri , Member of Cariflex Board of Director and President, Polymer Business, Kraton, and Mr Lim Wey-Len , Executive Vice President of the Singapore Economic Development Board (EDB), Ms Christine Wong , Assistant Chief Executive Officer Cluster Group, JTC and among other distinguished guests. Strengthening Cariflex's Manufacturing Network Supported by EDB and JTC, the Singapore facility plays a key role in Cariflex's ability to serve Southeast Asia , home to critical manufacturing sites for surgical gloves and condoms. Spanning 6.1 hectares, this plant supports growing demand in these markets as well as others such as non-surgical medical gloves, adhesives, and laminates, further broadening the company's diversification. Over the past two decades, Cariflex has expanded its manufacturing capacity in Brazil and previously, Japan , including a US$50 million expansion of its Paulinia facility in 2021. Mr Ryu Sang Woo , Chief Executive Officer at Cariflex , said: "We have strategically located our new facility here in Singapore , at the doorstep of our key customers. Singapore's thriving financial, innovation, and logistics hubs, along with a highly skilled workforce and strong IP protection, made this the ideal choice for our investment. "This new facility will allow us to expand production, while providing our customers with a diverse and reliable supply of high-quality materials, reinforcing our leadership in the global polyisoprene latex market," he added. Construction of the plant began in 2022, with operations commencing in November 2024 . The plant is designed for modular expansion to accommodate future demand growth. When fully ramped up, it will double Cariflex's 2023 manufacturing capacity for polyisoprene latex. Investing in Talent and Long-Term Careers The opening of this plant also aligns Singapore's broader push to grow high-value, innovation-driven industries that offer meaningful and inclusive job opportunities for locals. The facility has created approximately 80 new permanent roles, the majority filled by Singaporeans. Cariflex has invested in developing its talent through training programs at its Brazil operations and at DL Chemical's sites in Korea, with a focus on operations, safety, quality, and digital systems. These efforts support Cariflex's long-term commitment to fostering career growth, including for non-graduates through mentorship programs. Positioned to Meet Regional Demand In 2020, Cariflex relocated its global headquarters to Singapore to strengthen integration between its commercial and manufacturing operations. Cariflex is the only company globally that manufactures anionic catalyst-based synthetic rubber and latex, known for its superior purity, transparency and softness.
Forbes
08-05-2025
- Business
- Forbes
Indonesian Billionaire's Chandra Asri Expands In Singapore With Chevron Phillips Deal
Storage tanks at the Shell refinery on Pulau Bukom in Singapore on Wednesday, 25 August 2021. A joint venture backed by Indonesian billionaire Prajogo Pangestu's Chandra Asri and commodities trader Glencore is expanding its presence in Singapore, with the acquisition of Chevron Phillips' polyethylene manufacturing operations. Under the deal, Aster Chemicals and Energy will buy Chevron Phillips Singapore Chemicals' manufacturing facility, which annually produces 400,000 tons of high-density polyethylene that's used to make plastic bottles and food containers, the company said in a statement. The sale was approved by Chevron Phillips and its partners including EDB Investments and Sumitomo Chemical Co. Financial details weren't disclosed. 'This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers,' Erwin Ciputra, group CEO of Aster said in the statement. The deal comes a month after another Chandra Asri and Glencore joint venture completed the acquisition of Shell's refinery and petrochemical assets in Singapore. The latest acquisition bolsters group's position in the Southeast Asian petrochemical hub where it also operates a refinery capable of producing 237,000 barrels of oil per day, an ethylene cracker on Pulau Bukom as well as a petrochemical plant on Jurong Island. Jakarta-listed Chandra Asri is part of Barito Pacific, a company originally focused on timber that tycoon Prajogo Pangestu transformed into a major player in energy and petrochemicals. With a real-time net worth of $19.8 billion, Pangestu ranks among Indonesia's wealthiest individuals. He also holds stakes in Petrindo Jaya Kreasi, a coal mining firm, and Barito Renewables—both of which went public in 2023.
Reuters
07-05-2025
- Business
- Reuters
Aster to acquire Chevron Phillips Singapore Chemicals
Companies Show more companies SINGAPORE, May 7 (Reuters) - Aster Chemicals and Energy will acquire Chevron Phillips Singapore Chemicals through its affiliate Chandra Asri Capital, the company said in a press release on Wednesday. Chevron Phillips Singapore Chemicals currently operates a 400,000 metric ton per year (tpy) polyethylene facility a building block in Singapore's Jurong Island. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Polyethylene is a type of plastic resin used in the packaging, construction and medical industries. "This acquisition represents a key achievement for Aster, supporting our strategic goals with new capabilities and strengthening our offerings to customers," the CEO of Singapore-based Aster Chemicals and Energy, Erwin Ciputra, said. The company did not reveal the investment value of this acquisition. Last month, Aster Chemicals and Energy, a joint venture between Chandra Asri and Glencore (GLEN.L), opens new tab, completed its purchase of Shell's Singapore refinery and refining assets.
