Ashland Increases China Investment to Build New Plant and Tech Center
Press Release
Ashland Increases China Investment to Build New Plant and Tech 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 www.ashland.com.
FORTUNE 500 is a registered trademark of Time Inc.
SOURCE Ashland Inc.
CONTACT: Media Relations, Ken Gordon of Ashland Inc., +1-614-790-1832,
kdgordon@ashland.com /
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| "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Ashland's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year. |