31 October 2013 08:36 [Source: ICIS news]
NANTONG (ICIS)--Chemtura began commercial operations of its new multi-purpose manufacturing facility in Nantong of China with a grand opening ceremony on 31 October, the US-based specialty chemicals firm CEO said on Thursday.
Chemtura held the grand opening event for Chemtura Advanced Materials (Nantong) Co, at Nantong Economic & Technological Development Area in Jiangsu province of east China on 31 October, according to the company.
The new company will produce petroleum additives and urethanes products at the new facility, which can boost Chemtura in meeting demand in the local region, said Craig Rogerson, Chemtura CEO, in an interview with ICIS.
The company will not only put China but also other regions in Asia as its target market, Rogerson said, although China is “the most important market of our new facility”.
The first phase of the facility, which can produce sulfonate grease, was completed in August this year, according to the CEO.
The building of a high-performing lubricant production plant, the second phase of the facility, will be completed in the middle of 2014, and the third phase which can produce urethanes is expected to be completed in 2015, added the CEO.
The plant capacities were not disclosed by the company.
Chemtura began construction of the Nantong facility in March 2012.
Total investments for the three phases were $100m (€73m), the CEO added.
"We expect a better earnings in the fourth quarter this year than the same period of last year and also an uptrend growth for the whole year for Chemtura because some of the new products [will] be available in the fourth quarter which can contribute to the revenue." said Rogerson.
($1 = €0.73)
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