Hebi, Henan – Chinese TPU maker Miracll Chemicals is to invest CNY3.5bn ($541m) to build a PU new materials park in Hebi. It is setting up a joint venture to manage the project, Miracll Technology, with local PTMEG maker Hebi Coal Chemical. It will retain a 55% stake in the JV.
The park will cover 600,000m2 total area. Phase one will include 100kT/year capacity for specialty TPU, as well as upstream and downstream products.
Miracll is one of a small number of Chinese companies able to make mid- to high-end specialty TPU. However, the feedstock is both expensive and import-dependent, it said.
The joint venture’s shareholders will put together CNY500m in cash as the initial investment.
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