Taizhou, Zhejiang – Zhejiang Wansheng, a maker of flame retardants for PU and other plastics based in Taizhou, posted a 102% rise in annual net profit to CNY 85m ($13m) on an 18% rise in revenue to CNY 880m in 2015.
Lowered costs due to the fall in the oil price was pinned as a major reason for the profit jump in its 2015 annual report released in March.
The company produces 20 types of PU flame retardants for both rigid and flexible foams used in sectors such as insulation panel and auto interior.
A top organic phosphorus flame retardant maker in China, Wansheng said it is betting on the country’s growing environmental awareness and hopes to expand its green product line, pumping CNY 21m into research and development last year, up 40% from 2014.
The Shanghai-listed company also produces polyether polyols, which contributed 13% of its sales in 2015, and added specialty amines to its portfolio through a domestic acquisition last year.
With sales arms in the US and Europe, last year 52% of the company’s sales came from overseas. The company said its clients include several international chemical giants such as Covestro, BASF and Lanxess.
