Mitsubishi Plastics to establish polyester film company in China

29 September 2010 13:46  [Source: ICIS news]

TOKYO (ICIS)--Mitsubishi Plastics plans to establish a polyester film company in China’s Jiangsu province in January 2011 due to the country’s increasing demand for flat panel displays, the wholly owned unit of Mitsubishi Chemical said on Wednesday.

Mitsubishi Plastics would soon submit an application to the local government authorities to establish the company, it said in a statement.

The new China-based polyester film producer, which is yet to be named, would build two polyester film production lines, each with the capacity of around 20,000 tonnes/year each, Mitsubishi Plastics said.

The two units would together produce a total of 45,000 tonnes/year of optical polyester film, it added.

The first plant is scheduled to be completed by April 2013, while the second one would be built by April 2015; both would be built at the same location, Mitsubishi Plastics said.

The total cost for the entire project was estimated at Y24bn ($3.5bn), including the construction of the two plants and their running costs, the company said.

The new company aimed to generate annual net sales of Y20bn after both production lines come on stream, Mitsubishi Plastics said. 

Mitsubishi Plastics also plans to establish an investment company in Tokyo in October to finance the new polyester film company in Jiangsu, it said.

($1 = Y83.94)

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By: Tomomi Yokomura
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