DUBLIN, Ohio, July 25 /PRNewswire-FirstCall/ -- Ashland Inc. (NYSE:
ASH) today announced nearly $80 million in expansion projects for the
company's operations in China. The projects consist of a new resin
production plant and a technology and business services center.
"The growth we are experiencing in China's dynamic business environment
is exciting, and our continued strategic investment in this region further
positions Ashland as an industry leader," said Dale MacDonald, president of
Ashland China. "These investments will further support our ability to
service customers and to develop products and technologies to meet the
needs of the local market."
A new unsaturated polyester resin (UPR) plant, to be built in northern
China, represents an estimated initial $35 million investment. Current
plans call for the plant to be operational in 2009. "This project marks the
second resin production facility for Ashland in China, and it will be our
fifth manufacturing site in the country," said MacDonald. Ashland's
existing UPR production plant in Changzhou, constructed in 2005, is
currently being expanded to triple its production capacity.
Ashland's other capital expansion project announced today is a $43
million technology and commercial center, which will be located in
Shanghai. "It is vital to our continued success in China that we provide
in-country product and application development support," said Luca Fontana,
chief technology officer for Ashland. "With this new center, Ashland will
be able to proactively provide our customers in this region with the
scientific and technological expertise they need to effectively compete in
today's global marketplace."
The facility, expected to be completed in 2008, will also house
management and business services that support Ashland's operations
throughout China. With more than 400 employees in China, Ashland currently
has offices in Shanghai and Beijing, and manufacturing facilities in
Beijing, Changzhou, Kunshan and Nanjing.
Ashland Inc. (NYSE: ASH), a diversified, global chemical company,
provides quality products, services and solutions to customers in more than
100 countries. A FORTUNE 500 company, it operates through four divisions:
Ashland Performance Materials, Ashland Distribution, Valvoline and Ashland
Water Technologies. All four divisions currently operate in China. To learn
more about Ashland, visit http://www.ashland.com.
FORTUNE 500 is a registered trademark of Time Inc.
SOURCE Ashland Inc.
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Related links:
http://www.ashland.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/065263.html /
CONTACT:
Media Relations, Ken Gordon of Ashland Inc.,
+1-614-790-1832, kdgordon@ashland.com
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