China XD Plastics Company Limited announced that the company is allocating capital over the next year to increase manufacturing capacity of plastics at its factory in China. The company said that it was taking the action due to increased demand for its products.
“We are pleased to announce our capacity expansion plans in the context of the rapid growth of the auto industry in China and the Company’s strengthening competitive position, said Jie Han, the CEO of China XD Plastics Company Limited.
China XD Plastics Company Limited said that the company would spend $20 million to purchase equipment to be installed at a manufacturing facility located in Harbin, China. The company also plans to retrofit the facility to accommodate the new production lines.
China XD Plastics Company Limited estimates that once the capital projects are completed, its annual productive capacity would increase from the current 100,000 metric tons to 135,000 metric tons. The company expects the new capacity to be operational by January 2011.
China XD Plastics Company Limited operates its business activities through Harbin Xinda Macromolecule Material, a wholly owned subsidiary of the company. The company sells modified plastic parts to automobile manufacturers for use in the interior and exterior trim. China XD Plastics Company Limited sells to several major automobile companies including Renault, Audi and Mazda.
For more information on the company, go to www.chinaxd.net
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