(Yicai Global) Oct. 9 -- A unit of China's privately owned plastics and textiles giant Hengyi Petrochemical will construct a new production base of environmentally friendly polyester fiber to diversify its products. 

Hengyi appointed its subsidiary Hengyi High-tech Materials to build the plant with an annual capacity of 500,000 tons of functional polyester fiber in its hometown, the Hangzhou-based firm said in a statement yesterday. Hengyi will invest CNY119.3 million (USD17.3 million) for the project that will be complete in two years.

The factory will raise the added value of the company's polyester and chemical fiber products and enhance its market competitiveness, the firm said, without adding the target use of the manufactured goods.

Editor: Emmi Laine