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Joint Statement by MECS and Wylton

MECS Far East Limited (“MECS” hereinafter) and Wylton (China) Chemical Co., Ltd. (“Wylton” hereinafter) would like to make a statement, with regard to the transfer of the equity interests in MECS Wylton (Tongren) Chemical Co., Ltd. (“Tongren Chemical” hereinafter), as follows:

 

MECS, Wylton and an affiliate of Wylton have entered into an agreement on the equity transfer of Tongren Chemical, the joint venture established by both parties. Subject to and in accordance with the agreement, 49% of the equity interests in Tongren Chemical are to be transferred from MECS to Wylton and said affiliate of Wylton. Wylton agrees to express understanding and support to the equity transfer proposed by MECS.  

 

After its acquisition by Dupont on January 2011, MECS has come to be a part of the business unit Dupont Sustainable Solutions. Based on its strategic adjustment of regional business structure, Dupont decided to transfer to Wylton the equity interests MECS holds in Tongren Chemical but maintain the diversified business relationships with Wylton except the form of joint venture.

 

After the establishment of joint venture of Tongren Chemical, MECS and Wylton have jointly conducted the broad and effective collaborative activities on technology, production, marketing and operation management. Both parties have already made efforts and fruitfully enhanced the technical capability and the competitiveness of Tongren Chemical. Being the first domestic company to successfully develop and produce the high performance catalysts, Tongren Chemical has come to be the most competitive catalyst producer in China in the aspects of quality, capacity, technical service and R&D.

 

Such equity transfer will not have impact on the capacity and capability of Tongren Chemical to produce its high performance catalysts and improve related technical service continuously. Both parties shall continuously honor the commitments made to the clients during the periods of joint venture. MECS will also continue to be available to support Tongren Chemical in the future.  

 

MECS and Wylton have already built up a strong strategic partnership during the cooperation in diversified business areas in a long time. Both parties will continue to maintain and extend the in-depth cooperation in the sulfuric acid industry.

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