Italy: Material Manufacturing Toray’s Italian Subsidiary to Enhance Production Capacity
Toray Industries decided to enhance the production capacity of Alcantara, a luxury material manufactured and sold by its subsidiary located in Milan.
Milan/Italy — The company plans to invest approximately € 300 million in a phased manner over the next five years in order to roughly double the production capacity of the Nera Montoro Plant.
The materials manufacturer expects demand for Alcantara to expand due to its increased use in the interior of cars and the steady growth of automobile production around the world. Their product group has been adopted as automobile interior material primarily in luxury models.
Apart from growing demand on part of electric vehicle producers, the company also announced that there has been growing new demand for its material to decorate consumer electronics devices such as PCs and headphones. This trend would lead to a shortfall in production capacity of the material in 2019, Toray said.
In the Medium-Term Management Program, Project AP-G 2019 announced on February 9, the Japanese chemicals group plans to promote the AE Project in which the Group aims to expand and advance global business and will further strengthen the distinctive identity of Alcantara for being made in Italy.