COSCO Kansai Tianjin Plant to be closed
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On June 28, COSCO Shipping International issued a statement announcing its intention to liquidate and close its non-wholly-owned subsidiary, COSCO Kansai Paints & Chemicals (Tianjin) Co., Ltd. (hereinafter referred to as “COSCO Kansai (Tianjin)”). The relevant business of COSCO Kansai (Tianjin) will be taken over by its other non-wholly-owned subsidiaries, COSCO Kansai Paints (Shanghai) Co., Ltd. and COSCO Kansai Paints & Chemicals (Zhuhai) Co., Ltd., in order to further enhance the competitiveness of the company’s paint business in the market. It is understood that COSCO Shipping International’s coating business mainly involves the production and sales of container coatings, heavy-duty industrial anti-corrosion coatings, and ship coatings, and it is operated through joint ventures such as COSCO Kansai Coatings & Chemicals Co., Ltd. and COSCO Tsim Sha Tsui.
The products lack competitiveness; the coatings can only be used within the group itself and cannot enter other markets, such as those of chemical companies.
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