Hebi, Henan – Chinese TPU maker Miracll Chemicals plans to spend CNY3.5bn ($541m) to build a PU new materials park in Hebi, Henan province.
The company is setting up a joint venture Miracll Technology, in which it has a 55% stake, to manage the project, said an announcement in early June.
Local PTMEG maker Hebi Coal Chemical, an affiliate to state-owned Henan Energy Chemical Group, holds 15% of Miracll Technology. The remaining 30% is owned by the project’s key management and tech staff via Qingdao Ruihua Investment.
The park will have cover 60ha (148 acre) and the first phase of development will include 100kT/year capacity for specialty TPU as well as upstream and downstream products.
Miracll is one of a few Chinese firms able to make mid- to high-end specialty TPU, but the key feedstock is pricy and import-dependent, said the announcement.
The joint venture’s shareholders will put together CNY500m in cash as the initial investment, said the announcement.
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