Xinxiang, Henan – Xinxiang Chemical Fiber started installation of its 20kT/year elastane fibre project in December 2014 and expects it to start operation by July 2015, according to Xiao Shubin, head of the company’s securities department.
Construction of the facilities began in February 2014 with RMB900m ($145m) total investment at the National Xinxiang Economic and Technological Development Zone, close to railway and highways and 12km from Xinxiang city.
According to the company’s earlier announcement, main raw materials for production, including PTMG and MDI, will be purchased from the domestic market; oiling agents and some additives will be imported from overseas suppliers.
The project is prospected to bring in RMB169m annual gross profit on RMB758m revenue, said the announcement.
XE Currency Conversion: 20 January, 2015