19 September 2008 05:25 [Source: ICIS news]
SINGAPORE (ICIS news)--China Resources (Holdings), a state-owned conglomerate, will consolidate its two Changzhou-based polyethylene terephthalate (PET) facilities - China Resources Polyester Changzhou and China Resources Packaging - next month, a China Resources Packaging executive said on Friday.
"The move will streamline production, sales and all other corporate functions so that China Resources can enjoy greater efficiency in running both plants," the executive added in Mandarin while speaking exclusively to ICIS News.
"After the consolidation, both companies will operate as a single entity under the name of China Resources Packaging," he said.
The combined entity would have a total capacity of 490,000 tonnes/year, added the executive, while declining to provide financial details
China Resources Polyester Changzhou, which was formerly owned by Changzhou Worldbest Chemical Fibre Co and Italy’s Radici, was purchased by China Resources in August 2007.
China Resources Packaging was purchased by China Resources in February this year and was formerly known as Changzhou Andenie Polyester and was set up in 2004 as a joint venture between Germany’s Zimmer AG and Jiangsu Changzhou Plastics Group Corp.
PET bottle chips are used to manufacture bottles for consumer goods such as drinking water and cooking oil.
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