NEW YORK (Oct. 9, 2008) — Blackstone Group, a U.S. private equity company, has bought a 20-percent stake in China National Bluestar (Group) Corp. with an investment of up to $600 million.
Bluestar has many activities in the specialty chemical sector, including silicone production. In February 2007 it bought all Rhodia's silicone-related business activities, products, employees and manufacturing assets, including plants in Rock Hill, S.C., and Venture, Calif.
In May, Bluestar and Cabot Corp. said they would create a joint venture company making fumed silica for reinforcement of silicone rubber. The companies said Cabot Bluestar Chemical (Tianjin) Co. Ltd. will invest about $40 million in the Tianjin, China, plant, which will the have the capacity to produce about 7,000 metric tons per year. The facility is expected to begin operations in 2010.
Altogether, Bluestar has 25 plants and four scientific research institutes in China. It also has 15 factories and seven research and technology service institutes overseas.