Wanhua Plans Stake in BorsodChem

China's Wanhua Industrial Group said it plans to acquire a stake in Hungarian chemicals company BorsodChem.

Wanhua is in discussions with European private equity firm Permira, which bought Borsodchem in 2006, Reuters reports.

Wanhua expects to provide stability and long-term growth to BorsodChem through its operational and technological expertise and additional capital investment.

The Chinese company did not disclose further details on its plans or negotiations.

Wanhua is the largest isocyanate producer in Asia Pacific while BorsodChem manufactures methylene diphenyl diisocyanate.