12 March 2013 21:53 [Source: ICIS news]
HOUSTON (ICIS)--China XD Plastics has signed an agreement with the government of Shunqing District in ?xml:namespace>
The plant will also have a research and development centre as well as a training centre, China XD Plastics said in a press release.
Financial terms of the agreement were not disclosed.
China XD Plastics plans to start construction on the production base this year following its tandem launch of 45,000, 120,000 and 225,000 tonne production bases. Construction on the fourth base should take two years, the company said.
The project will be constructed in Nanchong in the centre of Chengdu-Chongqing Economic Zone. Within a 400km (250m)radius of the site, there are factories for automotive manufacturers such as Shanghai GM, Volvo, Changan Ford and Dongfeng and a host of automotive parts manufacturers.
Company chairman and CEO Jie Han said: "Once our southwest production base is completed and in operation, we will be able to effectively cover the entire country geographically and reach our goal of 10% market penetration with our major products.”
China XD Plastics is a specialty chemical producer of modified plastics, primarily for automotive applications.
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