Materials maker Nan Pao Resins Chemical Co Ltd (南寶) said its board has approved a US$15.5 million investment plan to build a new plant in China to expand adhesives capacity.
Nan Pao would inject the capital into its fully owned subsidiary based in Shaoguan, Guangdong Province, which has paid-in capital of US$4.5 million, according to a company filing released on Thursday last week.
The new plant, which is scheduled to start production in 2019, would be capable of manufacturing 30,000 tonnes of adhesives and other resin products per year, a company official said.
Nan Pao’s Chinese subsidiaries generated income of NT$282.78 million (US$9.44 million) last year, up 26.1 percent from NT$224.2 million the previous year, company data showed.
The capacity expansion aims to supply more products to Nan Pao’s Chinese clients, which is in line with the 54-year-old company’s mid-term strategy to cement its position in Asia over the next five to 10 years.
Tainan-headquartered Nan Pao has built a presence in more than 10 Asian nations, including Vietnam, Indonesia, Thailand, India and Cambodia, according to its Web site.
Apart from Asia, the company would tap into African and Latin America markets in the near future, it said, without elaborating.
The company posted sales of NT$1.35 billion last month, a 5.07 percent increase from NT$1.29 billion a year earlier, partly because of growing demand for footwear adhesives in Vietnam, an international shoemaking hub.
Nan Pao also supplies specialty adhesives, footwear adhesives, liquid and powder coating and construction materials.
Cumulative revenue for the first eleven months of this year was NT$13.47 billion, up 1.04 percent year-on-year from NT$13.33 billion, company data showed.
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