Songwon assigned credit rating is upgraded to BBB+ based on solid business results, growth and stability
• Songwon‘s Issuer Credit Rating has been upgraded to BBB+ with outlook Stable
(firmenpresse) - Ulsan, Korea – August 19, 2013 – Songwon Industrial Co., Ltd. (www.songwon.com) announces that two key Korean rating agencies, Korea Investors Service and Korea Ratings Corporation have assigned the company with BBB+. Songwon’s credit outlook is rated as ‘Stable’ supported by its solid business foundation, good cash generation capacity and financial reserves for planned investments. (Source Korea Investors Service)
Jongho Park, Chairman and CEO and Head of the Songwon Industrial Group Executive Committee, said: ”We are being rewarded for the strategic plan we have implemented and the steps we have undertaken to build a solid foundation. The upgrade to BBB+ with stable outlook is based on the performance of our core products and the strong position we hold in the market. This has led to good profitability and the capacity to generate cash which we have invested in growth. Although we are proud that our efforts are recognized and acknowledged, we are committed to further improve and expand our global business as well as our financing structure. The successful execution of our strategic plan which has resulted in the upgrade of our credit rating brings Songwon into a new era which will see further sustainable growth and results.”
Hans-Peter Wüest, Chief Financial Officer and Member of the Songwon Industrial Group Executive Committee, stated: “With our improving and solid balance sheet, we have been able to execute a KRW 220 billion syndicated loan agreement. The current global demand for Songwon products remains stable despite the uncertain global economy and financial conditions. In these conditions, we have seen increases in profits and margins and we will continue to follow our strategic plan and deliver results accordingly. Songwon is on track to deliver on its plan for both revenues and volumes with strong order bookings for the coming quarter. Our Issuer Credit Rating of BBB+/Stable assigned by the Korea Ratings Corporation and Korea Investors Service was based on our excellent business stability, good financial flexibility and projection of operating profit despite slowing demand. Our stability is a fundamental result of our ability to generate cash and the strong financial reserves we have created which will ensure that we will continue to grow to new strengths in the future.”
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
About Songwon Industrial Co., Ltd.
Songwon Industrial Co., Ltd. is a leading producer and seller of Songnox® Antioxidants, Songnox® One Pack Systems, SABO®STAB, Hindered Amine Light Stabilizers, Songsorb® Ultraviolet Light Absorbers, Songstab™ Acid Scavengers, Songstab™ PVC Stabilizers, Songcat™ Tin Intermediates, Songcizer™ Plasticizers for the plastics industry, as well as lubricants, surface coating agents, polyurethane, alkyl phenols, biphenol, flocculants and other chemicals. The Songwon Group of Companies includes Songwon Industrial Co., Ltd., Songwon Holdings AG, Songwon International AG, Songwon International – Japan K.K., Songwon China Ltd., Songwon Industrial Co. Ltd. Representative Office Bahrain, Songwon Additive Technologies AG, Songwon Additive Technologies-Americas Inc., Songwon ATG GmbH, Songwon International – Americas Inc., Songwon International – India Pvt. Ltd., Songwon Trading Co. Ltd, Songwon Chemicals Co. Ltd. and Songwon Baifu Chemicals (Tangshan) Co., Ltd., Songwon Additive Technologies - Middle East FZE, Polysys Additive Technologies – Middle East LLC and Chemservice Asia Co. Ltd.
Songnox and Songsorb are registered trade marks of Songwon Industrial Co., Ltd.
Songcat, Songcizer and Songstab are trade marks of Songwon Industrial Co., Ltd.
SABOSTAB is a registered trade mark of Sabo S.p.A.
Salient in Additives
Salient from the Latin Verb ‘salire’ to leap or leaping. As an adjective, meaning the most noticeable, prominent or important. Salient Songwon, leaping ahead in the world of Polymers; a prominent global supplier of chemical additives.
Datum: 19.08.2013 - 10:48 Uhr
Sprache: Deutsch
News-ID 288765
Anzahl Zeichen: 2430
contact information:
Contact person: Stephanie Wakkee
Town:
Kapellen
Phone: 31164317012
Kategorie:
Business News
Typ of Press Release: Finanzinformation
type of sending: Veröffentlichung
Date of sending: 19.08.2013
Diese Pressemitteilung wurde bisher 337 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Songwon assigned credit rating is upgraded to BBB+ based on solid business results, growth and stability"
steht unter der journalistisch-redaktionellen Verantwortung von
Songwon (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
