Momentive, Zhejiang Xinan joint venture expand capacity in China

Momentive, Zhejiang Xinan joint venture to expand capacity in China

2:26 PM, 17th June 2011
Momentive, Zhejiang Xinan joint venture to expand capacity in China

ALBANY, US/JIANDE, CHINA: Momentive Performance Materials Inc and Zhejiang Xinan Chemical Industrial Group announced their joint venture company, Zhejiang Xinan Momentive Performance Materials Co Ltd, is planning to expand its manufacturing capacity.

The joint venture company’s plant in Jiande, China currently has the annual production capacity of approximately 50,000 metric tons of siloxane. With the planned expansion, the plant will triple siloxane production capacity to an estimated 150,000 metric tons per year, commencing in 2013. In connection with the planned expansion, Zhejiang Xinan and MPM will make capital contributions of approximately $ 33 million and $ 32 million, respectively, to the joint venture company for a total new investment of $ 65 million. The joint venture company is owned 51 per cent by Zhejiang Xinan and 49 per cent by MPM.

“We are very pleased with the progress of our joint venture with Zhejiang Xinan Chemical Industrial Group. Our commitment to a second phase of this venture reflects both the success of this partnership and our continued focus on investing locally to help serve customers in this important region,” said John Dandolph, Senior Vice President and Managing Director – Asia Pacific, Momentive.

© WOC News



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