China Fiberglass Co., Ltd. said that its board of directors has approved a 140,000 tonnes/annum alkali-free fiberglass furnace-drawing line at its subsidiary Jushi Group Co., Ltd. and a 60,000 tonnes/…
China Fiberglass Co., Ltd. said that its board of directors has approved a 140,000 tonnes/annum alkali-free fiberglass furnace-drawing line at its subsidiary Jushi Group Co., Ltd. and a 60,000 tonnes/annum medium-alkali fiberglass furnace-drawing line at Jushi Group Chengdu Co., Ltd. The total investment of the two projects is approximately CNY 2 361.868 million. On completion of the two projects, China Fiberglass will consolidate its global position in fiberglass. The 140,000 tonnes/annum project, located at Tongxiang in Zhejiang province, will produce 80,000 tons of direct roving and 60,000 tons of yarn a year. Production will start before the end of August 2008 with a total investment of CNY 1,750.0870 million. Capacity can be expanded to 600,000 tonnes/annum according to future market demand. The 60,000 tonnes/annum project will adopt the advanced domestic furnace-drawing technology and make full use of existing conditions and equipment. Production will start before the end of July 2008 and the total investment is CNY 611.7810 million. With extensive applications, the demand for fiberglass is growing in both domestic and overseas markets.