Asahi Chemical has decided, in accordance
with the corporate policy for overseas business development
and the need to provide close, customer-oriented service
and support throughout the Asia region, to establish
a new subsidiary in Singapore for the production and
marketing of its polyacetal copolymer, "Tenac-C", and
the construction of a new plant for this purpose.
The new subsidiary will be established
with a capitalization of US$35 million, and will conduct
the construction and operation of the new copolymer
plant as well as the copolymer marketing and sales operations.
The copolymer plant will be located
on Pulau Sakra island in the Republic of Singapore.
Construction will begin in the summer of 1997. Commercial
production is scheduled for early 1999, with a production
capacity of 20,000 metric tons per year during the first
phase of operation.
The decision for new plant construction
has been reached in view of the increasing demand for
polyacetal which is centered in Asia, and the rising
need for local supply of polyacetal to manufacturing
facilities being established in Asia by Japanese-based
corporations as part of their shift to overseas production.
The Singapore plant will serve as a source of stable
supply to the users, and provide the base for close
customer support and cooperation in applications development.
The new plant and subsidiary will thus play a key role
in the global development and growth of Asahi Chemical's
polyacetal operations.
The new plant will bring the total
polyacetal production capacity of the Asahi Group to
64,000 tons per year, when added to the current 44,000-ton
capacity at Mizushima in Okayama Prefecture consisting
of 20,000 tons of polyacetal homopolymer and 24,000
tons of polyacetal copolymer.
The establishment of the Singapore
subsidiary and plant is part of the corporate WIN"G"21
initiative for long-range growth and globalization which
was launched this spring by Asahi. The first stage of
this initiative for success and growth in the 21st century
has now begun, and includes an aggressive program for
the development and growth of overseas operations in
petrochemicals and plastics, as a core sector of operations
and competencies at Asahi Chemical.
|
