08 November 2010 08:33 [Source: ICIS news]
NINGBO, China (ICIS)--AkzoNobel inaugurated its €275m ($387m) production facilities at Ningbo in China on Monday, the Dutch specialty chemicals firm said.
The investment covers a 50-hectare (124-acre) plot in the Ningbo Chemical Industry Zone that hosts production facilities for chelates, ethylene oxides, ethylene amines and organic peroxides, said Rob Frohn, board member responsible for specialty chemicals.
The 30,000 tonne/year chelates plant started production in late 2009, with the 35,000 tonne/year ethylene oxide and 35,000 tonne/year ethylene amine units expected to start up in December 2010, Frohn said, adding that the facilities would mainly serve local and regional demand.
The capacities of the ethylene oxide and the ethylene amine units would both be doubled to 70,000 tonnes/year in the future, but the company was yet to set a date, it said.
AkzoNobel's CEO, Hans Wijers, said: ''We have announced in autumn that we aim to double our revenue in China to €3bn/year in the medium term from €1.5bn in 2009.
''Today's inauguration underlines the fundamental role the new investment will play in those growth ambitions and shows how committed we are to expanding organically in the exciting and vibrant Chinese market,'' he added.
($1 = €0.71)
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