Taiwanese resin maker Swancor Holding Co Ltd (上緯) yesterday said it is establishing a local subsidiary for chemical products and would invest US$7 million in it.
Swancor operates a chemical factory in Nantou, as well as factories in Shanghai and Tianjin in China.
A new plant in Jiangsu, China, is expected to start operations in the second quarter of next year.
“The subsidiary will serve as a research and development center and an operational center for fine chemicals as opposed to existing production lines,” company spokesman TM Tsai (蔡澤明) said by telephone.
Tsai refrained from disclosing the English-language name of the subsidiary.
In addition to enhancing the quality of its products, Swancor hopes the subsidiary will provide it with more opportunities to cooperate with other Taiwanese chemical manufacturers.
“We could help our Taiwanese peers sell their chemical products to China,” Tsai said, adding that Swancor plays a leading role in China’s anti-corrosion resin market.
Last year, the company sold 26,000 tonnes of corrosion-resistant resins to its Chinese customers. It holds a 36 percent share of the Chinese market for such resins.
Swancor has been operating in the renewable energy and off-shore wind farm business for years, but fine chemical products are still seen as its major profit driver, including wind turbine resins and anti-corrosion resins.
In the first half of this year, revenues from wind turbine blade resins accounted for 55 percent of total revenue, while sales of anti-corrosion resin accounted for 38 percent, company data showed.
Anti-corrosion resins are widely used in tanks, pipes, and chimneys of power plants.
Swancor shares rose 2.3 percent yesterday in Taipei trading to close at NT$113.5, outperforming the benchmark TAIEX, which rose 0.1 percent to 9,161.58 points.
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