MOSCOW (MRC) -- Plastics company Victrex said it had formed a joint-venture with Yingkou Xingfu Chemical Company to build a polymer factory in Liaoning, China, said Stockmarketwire.
Victrex would have a 75% share of the facility and contribute GDP32m, comprising around GDP28m of capital expenditure and GDP4m of start-up costs.
Commissioning of the factory, capable of producing up to 1,500 tonnes of product a year, was anticipated in early 2022, subject to conditions, including finalising land purchase and permit applications.
Chief executive Jakob Sigurdsson said the investment would differentiate the company's range of plastic grades.
It would also set the stage, he added, for specific geographic growth, whereby Victrex could can capitalise on significant opportunities in China and the Asia Pacific region by having a manufacturing presence there.
'Overall, we believe this is a good entry point to a China manufacturing operation, working with an established partner and offering an attractive returns profile,' Sigurdsson said.
As MRC informed earlier, Victrex and Tri-Mack Plastics Manufacturing Corporation have established a joint venture, TxV Aero Composites, to accelerate the commercial adoption of polyketone (PAEK) composite applications within the aerospace industry, through the manufacture of parts utilizing new and innovative processes.
As MRC informed earlier, Russia's output of chemical products dropped by 3.2% in November 2019 month on month.
However, production of basic chemicals increased by 3.6% in the first eleven months of 2019, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, the largest increase in production volumes on an annualized basis accounted for mineral fertilizers and polymers in primary form. Last month, 255,000 tonnes of ethylene were produced versus 210,000 tonnes in October; by November, Russian producers had completed all their scheduled works. Thus, 2,721,000 tonnes of this olefin were produced in January-November 2019, up by 0.3% year on year.
Victrex plc is a United Kingdom-based holding company. The Company is engaged in the manufacture and sale of various polymers. The Company's operating segments include Industrial (Victrex Polymer Solutions) and Medical (Invibio Biomaterial Solutions). The Victrex Polymer Solutions segment focuses on automotive, aerospace, electronics and energy markets.