Japan's DIC Funds Building of New Materials Project in Changzhou, China

Jun 10, 2010, 08:00 ET from Changzhou National Hi-Tech District

CHANGZHOU, China, June 10 /PRNewswire-Asia/ -- Resin materials used in products including ships, lighting boards, pipes, windmills, scagliola, coatings and paints will be produced in the Changzhou National Hi-Tech District (Xinbei District), Jiangsu province. The groundbreaking ceremony for the new facility of Changzhou Huari New Material Co., Ltd, which was funded by Japan's DIC, was recently held in Xin Bei Industrial Park, on June 2, 2010. Wang Chengbin, Deputy Mayor of Changzhou, and Yang Pingping, director of the Management Committee of the High-Tech district, were among those present at the ceremony.

With a total investment of US$29.9 million and registered capital of US$15.3 million, Changzhou Huari New Material is one of the foreign-invested enterprises that had previously been established in the city and its portfolio includes unsaturated polyester resins, SMCs/BMCs and molded products as well as those widely used in fiberglass reinforced plastic boats, yachts, wind turbine blades, various pipes and FRP products. The parent company DIC is a one-hundred-year-old Japanese international company with 209 subsidiaries in 63 countries worldwide, and its offerings are widely used in the printing, automotive, electronics, residential building, food and fiber industries.

Huari New Material relocated in November 2009 in accordance with Changzhou's urban development plans. Covering an area of approximately 70,035 square meters, the relocated facility is expected to have a fixed asset investment of RMB 150 million (approximately US$22 million) and will have an annual capacity of 60,000 tons of unsaturated polyester resin and 30,000 tons of SMCs/BMCs after being completed, with sales and pre-tax profits expected to exceed RMB 1 billion (approximately US$147 million) and RMB 60 million (approximately US$8.8 million) respectively.

Established in 1908, DIC Corporation is a major Japan-based international group, with operations including printing inks, organic pigments, synthetic resins, petrochemicals, pharmaceutical synthesis and bio-engineering, among others. The group has established a large number of wholly owned subsidiaries and joint ventures in more than 60 countries and regions.

According to Deputy Mayor Wang Chengbin, keeping the concepts of "compliance, integrity, high efficiency and mutual benefit," in mind, the Changzhou Municipal Committee of the CPC and the local government have spared no effort as they have striven to create a world-class entrepreneurial and investment environment over the last few years, bringing satisfaction to investors and generating returns from investment that are some of the greatest among comparable Chinese cities. The local government will continue its commitment to liberalization and collaboration, while giving priority to five key hi-tech sectors including innovative materials, Wang added. Moreover, the city will focus more on the protection of intellectual property rights, creating a trouble-free, cost-effective environment for investors worldwide.

The Changzhou National Hi-Tech District is currently home to a number of leading Japanese companies, including Denso, Fujitsu, Bridgestone, Tokyo Rope Mfg. Co., Ltd., Komatsu, OKI, ISEKI, Fuji Heavy Industries Ltd, Fuji Seiki Co., Ltd. and Mitsubishi Heavy Industries Ltd.

    For more information, please contact:

     Wang Zhongliang
     The Public Promotion Department
     Changzhou National High-Tech District
     Jiangsu Province 213022
     Tel:   +86-519-8512-7305
     Fax:   +86-519-8511-5905
     Email: w_zongliang@sohu.com
     Web:   http://www.czxx.org.cn

SOURCE Changzhou National Hi-Tech District