German BASF, Heraeus to establish JV for precious metal recycling in China
Updated: February 12, 2022 Source: Xinhua News Agency
BERLIN, Feb. 11 (Xinhua) -- The German chemical group BASF and technology company Heraeus agreed to establish a joint venture in China to recover precious metals from spent automotive catalysts, the companies said on Friday.
The new company would be set up in Pinghu, China. The establishment of the legal entity is planned for the first quarter of 2022 following approval by relevant authorities, according to a joint statement.
BASF and Heraeus would hold 50 percent each in the joint venture, according to the statement. Construction of a new factory in China is scheduled to begin in 2022. Operations are to start in 2023, creating 100 new jobs.
Recycling end-of-life materials to recover platinum-group-metals would "enable a circular economy," the statement noted. The precious metals were used to manufacture new products for the automotive, chemical, electronics, and green hydrogen industries.
Editor: Duan Jing
