By David Reed, UT Editor
Tianjin, People's Republic of China -- Tianjin Cosmo Polyurethane Co. Ltd, a joint venture between Sinopec Tianjin Petrochemical Co. and Japan's Mitsui Takeda Chemicals, Inc., is to invest RMB258 million (about $31 million) in plants to make polyurethane foam and polyester polyols.
According to Tianjin Economic-Technological Development Area (TEDA), the firm has signed a contract with General Corporation of Chemical Industrial Park of TEDA for 80 000 m2 of land at its major site in northeastern China, about 100 km southeast of Beijing.
The project will have an annual production capacity of 18 000 tonnes of polyether foams and 36 000 tonnes of PU resins, with an expected annual output value of RMB 1100 million, the 8 May statement added.
No details of the timescales involved were supplied.TEDA was one of the first state-level economic and technological development zones in China, and is one of "the most dynamic regions of China," according to the United Nations Industrial Development Organization (UNIDO).
Over 3300 foreign companies have settled in TEDA, including many Fortune Global 500 firms such as Motorola, Samsung, and Toyota Motor.Tianjin Cosmo Polyurethane was established in 1993 as Sinopec Tianjin Petrochemical Co., a joint venture between Mitsui Chemicals Inc. and Chori Co., Ltd."