Italy's Polynt Group Increases Capital to Build New Production Lines in Changzhou National Hi-Tech District

CHANGZHOU, May 25 /PRNewswire-Asia/ -- On May 20, Polynt Chemical (Changzhou) Co., Ltd., a company with investment from an Italian listed company, held a grand ceremony to celebrate the opening of its new production lines in Xinbei Industrial Park. Mr. Massimo Roscigno, the Italian Consul- General in Shanghai, Fan Yanqing, Secretary of Changzhou Municipal Committee of CPC, Dai Yuan, Standing Member of Changzhou Municipal Committee of CPC and Secretary of the Party Work Committee of the Hi-tech District and Gao Qing, Vice Mayor of Changzhou attended the ceremony.

As a multinational group based in Italy, Polynt engages in the chemical intermediates business. It has 9 production bases in Italy, Germany, UK, Poland, and China and a trading company in Hong Kong, employing about 1,500 employees. In 2008, Polynt Group generated about sales revenue of USD 750 million.

In order to promote the geographical diversification of its operation, Polynt Group acquired a trimellitic anhydride plant in Changzhou and established Polynt Chemical (Changzhou) Co., Ltd. in Mar. 2007. Polynt Group invested considerably to enhance the technologies of its Changzhou premise and manage it in line with the highest standards of safety and environment requirements. Following the completion of new production lines, the Specialty Plasticizer Unit commenced operation in July 2008 with and the Special Anhydride Unit is currently under trial production.

After several rounds of investments, Polynt Chemical (Changzhou) Co., Ltd. is now a company with a registered capital of USD 56.4 million. With 145 employees, it boasts a production capacity of more than 70 thousand tons per year and has evolved into a significant base for the business development of Polynt Group in the Far East.

Mr. Roscigno said at the ceremony, "Relations between Italy and China have been developing at a fast pace, especially over the last four years. The Italian presence is growing exponentially, particularly in the Yangtze Delta Region. Almost every week I will have the pleasure to attend openings of new Italian businesses or the expansion of existing manufacturing plants. These partnerships between Italian advanced technologies and the Chinese booming market not only provide a platform for developing successful business opportunities, but also help create strong links between our countries and our people.

"Despite operating under an economic downturn, and a difficult business environment, Polynt Group commits itself to an additional RMB357 million of investment on top of the euro 17 million for the acquisition of Boda Chemical, ensuring the availability of leading technologies and equipment for its SPP and SPA projects. This is a full manifestation of confidence to China's market and the city of Changzou."

Gao Qing, Vice Mayor of Changzhou, expressed heartfelt congratulations to the opening of Polynt's new production lines on behalf of Changzhou Municipal Committee of CPC and the municipal government. He said that Changzhou would give priority to support Polynt Chemical (Changzhou) Co., Ltd., making it a leading project that drives the development of local key industries. In recent years, Changzhou Municipal Committee of CPC and the municipal government have been gearing up efforts to create the prime environment for start-up and investment under the guidance of the concepts of cooperation for win-win, harmonious and environment-friendly developments, and creditable management in compliance with law. As a result, Changzhou ranks top among peer cities thanks to a high satisfaction rate and ROI realized by the investors. More and more investors from home and abroad pay attention to Changzhou, invest in Changzhou and start up businesses in Changzhou. Thus far, some 6,000 foreign enterprises from 98 countries and regions have invested in Changzhou, including 47 World Top 500 Companies.

    For more information, please contact:

     Wang Zhongliang
     The Public Promotion Department of Changzhou Xinbei District Commission
     of CCP 213022
     Tel:   +86-519-8512-7305
     Fax:   +86-519-8511 5905
     Email: w_zongliang@sohu.com
     Web:   http://www.czxx.org.cn

SOURCE Changzhou Hi-tech Zone