The Lubrizol Corp. said Thursday that it will invest $40 million in a new Chinese facility in Songjiang, China to expand its presence in the region.
The new facility will be built on 31,000 square meters of land next to the company’s existing thermoplastic polyurethane plant and include manufacturing, commercial and technical capabilities.
Construction is planned for the third quarter of 2007 and is expected to be completed in the fourth quarter of 2008.
The plant will produce primarily resins, polymers and specialty additives used in coatings for paint, wood, plastic, metal and textiles. Personal care products such as rheology modifiers, thickeners and fixative polymers will also be produced at the new facility.
“This investment helps us further expand our global reach and improve our operational efficiency in an important growth area,” said Charles P. Cooley, senior vice president, treasurer and CFO for Lubrizol. “It represents another step in our growth in China, where we will continue to look for growth through market development and product innovation as well as through acquisitions, alliances and wholly owned investments across all of our business lines.”