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China Fiberglass to set up plant in India next year

Post Time:Nov 03,2008Classify:Company NewsView:399

China Fiberglass Co Ltd<600176>, the largest fiberglass manufacturers in the world, plans to establish its first overseas production line in India next year.

According to Zhang Yuqiang, president of China Fiberglass, the new production facility will help boost the company's income in India as the import tariff on raw materials is much lower than the finished products in the country.

Last year, China Fiberglass set up a trading unit in India, with an expected sales volume of 20,000 tons in 2008. The trading unit is estimated to double its sales in 2009 and to hit 50,000 and 60,000 tons by 2010, said Zhang.

Zhang noted that India's demand for fiberglass grew at over 30% in the past three years and the momentum would maintain in the coming five years.

The company also has plans to set up production bases in the Middle East and Russia.

The Beijing-headquartered company has revised its sales target in 2009, with overseas sales taking up 60% of the total from the previous 50%.

Currently, China Fiberglass' manufacturing capacity is 900,000 tons, and it aims to expand the capacity to 1.5 million tons by 2012, accounting for one quarter of the world's total.

Source: China KnowledgeAuthor: shangyi

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