The Groundbreaking Ceremony for a New POM Manufacturing Plant in China
Tokyo, July 14, 2003 - Polyplastics Co., Ltd., Mitsubishi Gas Chemical Co., Inc. ("MGC"), Korea Engineering Plastics Co., Ltd. ("KEP"), and Ticona, the technical polymers business of Celanese AG, jointly announced today that the groundbreaking ceremony for a new POM manufacturing plant was successfully conducted on July 11, 2003 by PTM Engineering Plastics (Nantong) Co., Ltd. ("PTM", Chairman of the Board: Motoshi Sawada), attended by Mr. Ding Dawei (Mayor of Nantong City), Mr. Zhang Lei (Director of Foreign Trade Bureau of Jiangsu Province) and other dignitaries.
The current market for polyacetal in China is estimated to be in excess of 150,000 ton/year and estimated average growth rate is around 10% annually. Each of Polyplastics, MGC, KEP and Ticona aims to expand their presence in the Asia Pacific region through building the POM manufacturing plant by PTM.
The outline of PTM and the POM manufacturing plant is as follows:
| Company Name |
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PTM Engineering Plastics (Nantong) Co., Ltd. |
| Legal Address |
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Ji Xing Road 10, Guang Zhou Road West, the Economic and Technological Development Area of Nantong Municipality, Jiangsu Province, People's Republic of China. |
| Legal representative |
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Chairman of the Board Motoshi Sawada |
| The date of incorporation |
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December 24, 2001 |
| Purpose |
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To engage in the manufacture, processing, and sales of polyacetal (POM) and other thermoplastic engineering plastics |
| Production capacity |
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60,000 metric ton/year |
| Schedule |
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Completion The end of 2004
Commercial operation The 2nd Quarter of 2005 |
| Total investment amount |
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Approximate US$ 140 million |
Leftmost back
Mr. Hiroshi Nakamura (President, PTM)
Central left
Mr. Motoshi Sawada (Managing Director, Polyplastics)
Central right
Mr. Ding Dawei (Mayor of Nantong City)
From the right to the 3rd
Mr. Zhang Lei (Director of Foreign Trade Bureau of Jiangsu Province) |
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| Rainy Day! |
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Address in the ceremony by Mr. Sawada |
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| Groudbreaking! |
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The First Pile Driving! |
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