23 May 2013 09:22 [Source: ICIS news]
iSINGAPORE (ICIS)--Dutch specialty chemicals producer AkzoNobel plans to invest €44m ($56m) in a new production site at Chengdu in southwest China’s Sichuan province to produce decorative paints, a company source said on Thursday.
The planned production site in Qionglai Yang’an Industrial Park in Chengdu will be completed in two phases by 2017, the source added.
AkzoNobel and Swire Pacific Ltd will set up a joint venture to operate the Chengdu production facility, the source added.
Both companies signed a letter of intent on 22 May. AkzoNobel will hold a 70% stake and Swire Pacific Ltd will a 30% interest in the joint venture.
AkzoNobel and Swire Pacific Ltd jointly own three production sites in Guangzhou, Shanghai and Langfang that produces decorative paints, the source said.
($1 = €0.78)
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