Amsterdam, The Netherlands - Yantai Wanhua Polyurethane Co. Ltd, the Chinese manufacturer of methylene diphenyl diisocyanate (MDI), has taken an option on a five-hectare site with Groningen Seaports, the port authority of Delfzijl, in the north of the Netherlands.
The company's 23 Feb announcement said the move is part of Yantai Wanhua's strategy "to optimise its logistics network to support its growing European business, ... and may lead to further investments by Yantai Wanhua in the Groningen region."
"MDI is among the chemical industry's fastest-growing products, and demand for the substance typically increases at twice the growth rate in GDP," said the statement.
Yantai Wanhua did not release any financial details of the transaction.
Martin Dawson, Yantai Wanhua European general manager, said: "Our products are amongst the fastest-growing in the sector, and we need to consider broadening our logistics base to reflect European market growth. The decision to take the option on the Delfzijl site is recognition of those facts."