Guangzhou, Guangdong –Shandong INOV Polyurethane, a maker of polyurethane prepolymer, systems, polyols and additives, reported a 30% rise in revenue to CNY 4bn ($611m) last year, the company told UTECH-polyurethane.com at the PUChina 2017.
‘Our fastest growth came from applications in the personal care sector, while the mining sector showed a decrease,’ said the company’s deputy general manager Charlie Chen in an exclusive interview.
Rising isocyanate prices have caused some trouble, Chen added, and orders from downstream clients practically halted in August.
Last year overseas market contributed to a third of the company’s overall revenue. It currently has 150kT/year total capacity in three sites, two in its headquarters city of Zibo, Shandong and one in Shanghai.
Shandong, a province strong in the chemical industry, has been hit hard by tightening environmental regulations. ‘In Zibo alone 5,000 [chemical] companies have been shut down this year,’ said Chen.
Exchange Rates: Xe.com 4 September 2017