Taixing, Jiangsu - Chinese system house Nanjing Hongbaoli announced on 17 June it is to set up a new subsidiary, Hongbaoli Group Taixing Chemical. The new company will research and develop production and sales of PO (propylene oxide) and downstream products.
The subsidiary, with RMB500m registered capital ($81m), will be located at the Special Economic Zone in Taixing, Jiangsu province. The company plans to start on a 120kT/year PO project after it is set up. Last year Hongbaoli purchased 110kT PO. The new subsidiary can ensure safety in production and cost control, said the announcement.
Hongbaoli claims to be China's largest supplier of rigid foam polyurethane systems and has the world's largest facility for isopropanolamine. In 2014 the company's profit surged 136% to RMB94m. Revenue grew 11% to RMB2.1bn.
XE Currency Conversion: 26 June, 2015
