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Wanhua Chemical Group Co., Ltd. is a leading global chemical company renowned for its innovation and comprehensive product offerings. Established on December 20, 1998, and headquartered in Yantai, Shandong Province, China, Wanhua has evolved into a major player in the chemical industry with a significant global presence.
Historical Overview
The origins of Wanhua trace back to 1978 with the establishment of a synthetic leather production line in Yantai, supported by methylene diphenyl diisocyanate (MDI) equipment. By 1983, the MDI production line was operational, marking China's foray into synthetic polyurethane leather manufacturing. In 1998, Yantai Wanhua Polyurethane Co., Ltd. was officially founded, focusing on MDI production. The company went public on the Shanghai Stock Exchange in January 2001. A major milestone came in 2011 with the acquisition of Hungary's BorsodChem, strengthening Wanhua's presence in Europe.
Product Portfolio and Business Segments
Wanhua Chemical operates across several key business segments:
Polyurethanes: As the world's largest producer of MDI, Wanhua supplies essential materials for polyurethane production, widely used in industries such as construction, automotive, and furniture.
Petrochemicals: The company produces a range of petrochemical products, including propylene, ethylene, acrylic acid, and various derivatives, serving as fundamental components in diverse industrial applications.
Performance Chemicals and Emerging Materials: Wanhua offers specialty chemicals like aliphatic diisocyanate (ADI), thermoplastic polyurethane (TPU), and water-based resins, catering to sectors such as electronics, personal care, and green energy.
Global Presence and Facilities
Wanhua has ten fully integrated production sites across China (Yantai, Penglai, Ningbo, Sichuan, Fujian, Zhuhai, and Ningxia), Hungary, and the Czech Republic. These facilities are equipped with comprehensive infrastructure to ensure efficient operations. To drive innovation, Wanhua has established multiple R&D centers in cities such as Yantai, Ningbo, Shanghai, Beijing, Shenzhen, as well as in Spain and Hungary. The company also maintains subsidiaries and offices in over ten countries across Asia, Europe, and the Americas, ensuring a strong global footprint.
Innovation and Research & Development
Innovation is central to Wanhua's strategy. The company invests heavily in R&D to develop advanced materials and technologies. With thousands of invention patents and a dedicated team of researchers, Wanhua focuses on creating high-tech, high value-added chemical materials that meet the evolving needs of society and its customers.
Financial Performance
Wanhua Chemical has demonstrated consistent financial growth. In 2019, the company reported revenues of over RMB68 billion and a net income exceeding RMB10 billion. As of 2023, Wanhua employs approximately 27,000 staff globally.
Sustainability and Corporate Responsibility
Wanhua is committed to sustainable development and environmental responsibility. The company implements green manufacturing practices, prioritizes energy efficiency, and aims to reduce its carbon footprint across its value chain. It also actively supports social and educational initiatives, contributing to the well-being of communities where it operates.
Purchasing planning and requirement confirmation
In the purchasing process, the first step is to determine the purchasing plan and requirements. This may include evaluating existing inventory, forecasting future demand, and determining the types and quantities of products needed.
Finding and evaluating suppliers
After confirming the purchasing requirements, the purchasing team needs to start looking for and evaluating potential suppliers. This may include evaluating the supplier's credibility, quality control procedures, price, delivery capabilities, and payment terms.
Contract negotiation and ordering
After confirming the supplier, the purchasing team needs to negotiate with the supplier and sign a contract to clarify important terms such as product price, quantity, delivery time, and payment method. Once the negotiation is completed and the supplier is determined, the purchasing team needs to place an order and monitor the supply chain to ensure that the order is delivered on time.