Invests in Siloxane Prodution MPM and Zhejiang Xinan Chemicals Announced Invests in Siloxane Joint Venture to Triple Production
Momentive Performance Materials (MPM) and Zhejiang Xinan Chemicals recently announced plans for further investments in their common Siloxane joint venture project.
Albany, New York/USA & Jiande/China – The joint venture company Zhejiang Xinan Momentive Performance Materials produces Siloxane, a key component for the production of silicones, in Jiande, China. Company officials see the planned investments as a further proof of mutual trust and confidence.
The joint venture company’s plant in Jiande, China, which has annual production capacity of approximately 50,000 metric tons of siloxane, successfully started operations in the fourth quarter of 2010. Plans are to triple this capacity to around 150,000 metric tons per year, beginning in 2013. In addition, both companies will invest around US $ 33 millions each in the Jiande production site. This joint venture company is owned 51 percent by Zhejiang Xinan and 49 percent by MPM.
Commitment Reflects Successful Partnership for Siloxane Production
“We are very pleased with the progress of our joint venture with Zhejiang Xinan Chemical Industrial Group,” John Dandolph, Senior Vice President and Managing Director – Asia Pacific, said. “Our commitment to a second phase of this venture reflects both the success of this partnership and our continued focus on investing locally to help serve customers in this important region.”
“The start-up of Zhejiang Xinan Momentive demonstrates the early success of the dedicated cooperation and commitment of the two partners,” said Wang Wei, Chairman of the Board, Zhejiang Xinan Chemical Industrial Group. “The continued expansion is further proof that we both have high confidence and expectations for a bright future together.”