(Yicai Global) Nov. 8 -- US chemical giant DuPont will invest more than USD80 million in a new manufacturing in Zhangjiagang, Jiangsu province in the Yangtze River Delta. The firm aims to grasp more opportunities in China's automotive sector through the project.
DuPont and Zhangjiagang government officials have inked an investment agreement for the facility that will produce a wide range of plastics, state-backed The Paper reported.
"This investment reinforces our commitment to China and the Asian market where we see strong growth potential across our businesses," said Randy Stone, president of DuPont Transportation & Advanced Polymers, adding that demand for DuPont's advanced polymers and solutions is expected to grow in the electric and hybrid vehicle sector.
The factory, located at Yangtze River International Chemical Industrial Park, will make engineering plastics, acetal resins, thermoplastic polyesters, thermoplastic elastomers, lubricants and specialty silicone materials. The site plans include new production lines for automotive adhesives to cater to clients in the transportation, electronics, industrial and consumer products markets.
The project represents DuPont's first multi-business manufacturing facility in China and is slated for operation in 2020 with plans for expansion by 2023.
Editor: William Clegg