Xiangyang, Hubei - Huitian New Materials, previously known as Huitian Adhesive Enterprise, expects its new 10kT/year polyurethane adhesives facilities to go into operation by the end of 2014.
The new plant, located in Xiangyang, Hubei province, was started in January 2014 with RMB50m ($8m) investment and has finished basic construction, said the company. Huitian's total polyurethane adhesives capacity will reach 18kT/year when the project is completed.
In 2013 the company's polyurethane adhesives business had RMB13m net profit on a 29% rise in revenue to RMB49m. Its overall revenue from adhesives and solar backsheets jumped 27% to RMB642m with a 26% increase in net profit to RMB89m.
According to report by China Adhesives and Tape Industry Association, the country's production volume and sales value of adhesives are estimated to have a respective 10% and 12% annual growth rate from 2011 to 2015. By the end of 2015 China will have a 7,170kT/year production volume and an RMB104bn/year sales for adhesives and sealants,said the Association.
XE currency conversion: 23 July, 2014