China New Materials to expand BDO production
November 29, 2010 Category Petrochemicals, Weekly
Chemical company China New Materials Holdings hopes to raise up to HKD1.12 billion from its upcoming listing on Hong Kong’s main board if it exercises the over-allotment option. The company has planned a capital expenditure of CNY1.15 billion at Zibo in Shandong province, where its headquarters is located, including an investment in a new 55,000-ton-per-annum production facility for its main product BDO, or 1,4-Butanediol. It will also build a production facility for polybutylene succinate (PBS), with an annual capacity of 125,000 tons. At present, China New Materials produces only BDO and two downstream products of BDO, gamma-butyrolactone (GBL) and tetrahydrofuran (THF), but no PBS. The firm’s current annual production capacity of BDO is 35,000 tons, GBL 17,000 tons and THF 5,000 tons. Last year, China New Materials was the second-largest BDO producer in China by volume with a domestic market share of 16%, while domestic demand last year was 252,000 tons, outstripping its production of 231,000 tons. In the first five months of this year, China New Materials had a net profit of CNY96.9 million and revenue of CNY383.9 million.
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