Sinochem, a Chinese conglomerate primarily engaged in the production and trading of chemicals and fertilizer and exploration and production of oil, completed the acquisition of Elix Polymers, a Spanish manufacturer of plastics, from Sun European Partners, a London-based private equity firm, for €195m. The purchase will enable Sinochem International to gain world-leading technology in modified plastics as well as a path to its commercial development. It will also bring ELIX's unique modified plastics technologies to China by setting up plants for ABS and ABS alloy material modified plastics in the east of the country where demand is strong. Along with other applications, it aims to use this advantage to further its position in the field of autos, electronics, electrical appliances and healthcare.