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Honghe Company Joins Yanhua Group's Target: To Build the Largest Salt Chemical Industry Base in Western China
On November 11, Zigong Honghe Chemical Group Co., Ltd. joined the signing ceremony of China Haohua Chemical Group Corporation with great enthusiasm. Both companies expressed their commitment to jointly establish the largest salt chemical industry base in western China, marking a significant step toward regional industrial development and economic collaboration.
China Haohua Chemical Group is a state-owned enterprise established in 1992 with the approval of the State Council. It has total assets of RMB 12 billion and includes 49 wholly-owned subsidiaries, among which 18 are national-level research institutes. Its research areas span coal chemistry, petrochemicals, natural gas chemicals, rubber processing, chemical equipment, defense-related chemicals, and chemical information. In 2004, the company achieved sales revenue of 7 billion yuan and generated over 500 million yuan in profits and taxes.
Zigong Honghe Chemical Group, a key player in western China's fine chemical industry, is known for having the largest baking soda production facilities in Asia. With total assets of 2.4 billion yuan, the company has maintained an annual economic growth rate of over 30% in recent years. In 2004, it reported sales revenue of 450 million yuan and profits exceeding 430 million yuan.
During the "Eleventh Five-Year Plan" period, the group significantly expanded its production capacity. Alkali output increased from 450,000 tons per year to 1 million tons, caustic soda from 150,000 tons to 250,000 tons, and soda ash from 5,000 tons to 50,000 tons annually.
In another major development, after the transfer of state-owned assets and management relations, all state-owned property rights of Zigong Honghe will be transferred to Shuhua Group without any changes. The state-owned nature of the company will remain intact, and it will continue to operate as an independent legal entity with autonomous business operations, accounting, financing, taxation, debt management, and employee employment under the national ownership system.
Both parties have also put forward specific measures to protect the legal rights and interests of more than 10,000 employees and retirees of the company, ensuring a smooth transition and continued stability. This strategic partnership is expected to drive innovation, efficiency, and sustainable growth in the region's chemical industry.