Akzo Nobel plans to establish Chemicals multi-site in China
Akzo Nobel has signed a memorandum of understanding with the Ningbo Chemical Industry Zone (NCIZ) which paves the way for the creation of a new chemicals multi-site in China. The company plans to install the facilities on a 50 hectare plot, making it one of the biggest sites for the company's activities in the world.
The project - which provides the basis for a variety of future investments in grassroots chemicals production facilities - would involve building plants for the manufacture of ethylene amines and chelating agents. The company also intends to produce organic peroxides on the site.
"This is a clear signal that our growth strategy is gathering momentum," said Leif Darner, the Akzo Nobel Board member responsible for Chemicals. "China is becoming increasingly important for us, driven mainly by growing demand in the country. Lower production costs are also an important factor. This new multi-site represents an excellent opportunity for us to invest in a key strategic market where we are continuing to target expansion plans for our refocused Chemicals businesses."
The company already operates two production sites in Ningbo (Polymer Chemicals and Powder Coatings). Akzo Nobel currently operates eight Chemicals production plants in China, while the Coatings business has 13 facilities. The company has set a target for combined sales of more than USD 1 billion in China by 2010.
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