Page 16 - Fuels & Lubes International Q2 2013

F E A T U R E
EVERyoNE IS CURIoUS ABoUT
the newest kid on the block.
The “newest kid” is actually not
new; Tianhe Chemicals Group was
established in 1992 and produced
its first 5,000 tons of lubricating
oil additives in 2002. By 2010, the company
was ranked among the top 10 technologically
innovative lubricant additive producers in
China and named the best-selling lubricant
additive brand by market research firm Chinese
Market Monitoring Center.
It made a big splash last year when Morgan
Stanley’s pan-Asia private equity fund bought a
US$300 million stake in the company.
Its aspiration is to join the league of the Big
Four additive producers: Lubrizol, Infineum,
Afton Chemical and Chevron oronite.
Tianhe Chemicals Chairman Qi Wei
described the company as having transformed
its business during the last 20 years from “weak
to strong” and from “mediocre to great.” Its
story runs parallel with the story of China. It
was established at the time that China “opened
up” to the west, and developed alongside
China’s economy.
Tianhe Chemicals grew out of yixian
Fine Chemicals Factory, which started its
business in 1992. In 1998, Liaoning Tianhe
Fine Chemicals Co., Ltd. was established,
with a registered capital of RMB100 million
(US$16 million). In 2007, Tianhe Chemicals
Group came into existence and consisted of
four companies: Jinzhou DPF-TH Chemicals
Co., Ltd., Fuxin Hentong Fluorine Co., Ltd.,
North China Petrochemicals Co., Ltd., Sino
Asia Petrochemicals & Technology Co., Ltd.,
as well as five key production centers (Western
Hill, Bawangzhuang, Haizhou, North China
Chemicals and Sino Asia Petrochem production
foundations) and one R&D center (DPF-TH
Fine Chemicals Engineering Technology
Center).
Headquartered in the economic
development zone around the Bohai Sea, in the
city of Jinzhou, Liaoning province, the company
has two main product lines—the other is
fluorochemicals. Additives make the larger part
of the two businesses, which together earned
US$600 million last year.
Qi’s brother, company CEo Xuan Wei,
struck the deal with Morgan Stanley. He
Tianhe Chemicals:
Taking a ‘flea-bite’ of the US$12.5 billion
additive market
天合化工：在125亿美元的添加剂市场上分一杯羹
作者： Blaine Denton
专题报道
每个人都对街角新出现的小孩感兴趣。
这个“新小孩”并不新；天合化工集团成立于
1992年，在2002年其累计产量达到第一个五千吨。
到2010年，公司位列中国十大技术创新润滑油添加
剂生产商之一，并被中国市场研究机构“中国市场监
督中心”评为最佳销售润滑油添加剂品牌。
去年他也带来了大声响，摩根斯坦利的泛亚私募
股权基金买进了3亿美元该公司的股票。
他的目标是加入四大添加剂生产商的行列：即
路博润、英飞凌、雅富顿化工和雪佛莱Oronite。
天合化工董事长魏奇说在过去二十年中，业务实
现了“从弱到强”“从平庸到伟大”的转变。公司的发
展跟随着中国发展的步伐。他成立于中国向西方“开
放”之际，并与中国经济共同发展。
天合化工的前身是成立于1992年的义县精细化
工厂。1998年成立了辽宁天合精细化工有限公司，注
册资金1亿元人民币（1600万美元）。到2007年，天
合化工集团成立，下属四家企业：锦州惠发天合化学
有限公司、阜新恒通氟化学有限公司、中北石油化工
有限公司、中亚石化科技有限公司，以及五个生产基
地（西山生产基地、霸王庄生产基地、海州生产基地、
中北化工生产基地和中亚石化生产基地）及一个研发
中心（辽宁天合精细化工工程技术中心）。
公司总部坐落在辽宁省锦州市的国家环渤海经
济区。公司主要生产润滑油添加剂和特种氟化物两大
类产品。添加剂业务是两者中较大的一块，去年总收
FUELS & LUBES INTERNATIONAL Quarter Two 2013 16