09 August 2012 08:11 [Source: ICIS news]
TOKYO (ICIS)--Japanese chemical producer Teijin has signed an agreement with Chinese firm Jinggong Holding Group to establish a chemical recycling joint venture in Shaoxing, Zheijang province in ?xml:namespace>
Teijin will have a 49% share in the joint venture, named Zhejiang Jiaren New Materials, while Jinggong Holding Group will hold 51%, according to the statement.
The joint venture plans to build facilities for the initial production of 20,000 tonnes/year of dimethyl terephthalate (DMT), polymerisation and fibre spinning with a total cost of about yen (Y) 6bn ($79.5m), Teijin said.
The production capacity of recycled polyester fibre will be 19,000 tonnes/year in the initial phase, the firm added.
The facilities are expected to come on stream by the end of March 2014, according to Teijin.
($1 = Y78.48)
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