(Yicai Global) July 31 -- Shengyi Technology, the world's second-largest seller of copper clad laminate, will invest CNY1.4 billion (USD196 million) in establishing a new plant in Thailand to meet international clients' demand for the component used in printed circuit boards.
The Chinese company will purchase a piece of land in an industrial park in Chachoengsao province in south-central Thailand, the Guangdong province-based firm said in a statement recently, without disclosing the annual capacity or the construction timetable.
Setting up the plant in the Southeast Asian country will help the firm respond more flexibly to any possible adverse impacts of changes in the macro environment, industrial policies, and international trade, Shengyi said, adding that it still needs to gain approvals from Chinese and Thai authorities.
Shengyi, the world's second-biggest manufacturer of CCL since 2013 with around a 12 percent market share, produced 111.5 million square meters of the material last year, the company said in its annual report, citing American consulting firm Prismark.
Shengyi's stock price [SHA: 600183] was 0.7 percent down at CNY15.92 (USD2.20) as of 2 p.m.
Editor: Emmi Laine