Polyplastics Co. Ltd, Mitsubishi Gas Chemical Company Inc. (MGC), Korea Engineering Plastics Co. Ltd (KEP) and Ticona, a business of Celanese AG, Frankfurt, have agreed on the construction of a world-scale 60,000 metric ton polyacetal (POM) facility in China. The project, as approved by the Chinese government, represents an investment of EUR 140 million. Work on the new grassroots facility will begin in spring 2003 and the new plant is expected to start operations in the second quarter of 2005. It will be located close to Shanghai in the Economic and Technological Development Area of Nantong, Jiangsu province.
The plant will be constructed by the joint venture company, PTM Engineering Plastics (Nantong) Co. Ltd, which was established by the partners. Polyplastics will be the lead company with a majority of the equity and direction over the operations of the venture. Acetal copolymer is used in a wide range of applications in markets such as Transportation, Industrial, Appliances, Information Technology and Consumer products.
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