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Zhejiang Glass: investment in soda ash factory

Zhejiang Glass will invest CNY 720 million to build CNY 800 million soda ash plant despite having a cash balance of only CNY150 million, as it attempts to bring down the cost of soda ash.
The private…

Zhejiang Glass will invest CNY 720 million to build CNY 800 million soda ash plant despite having a cash balance of only CNY150 million, as it attempts to bring down the cost of soda ash. The privately owned main board-listed company, which controls about 70% of southeastern Zhejiang“s flat glass market, had a 90% stake in the project in Qinghai province northwest China, said chairman Feng Guangcheng. The owner of the remaining 10% was not revealed. The plant is expected to enter production in 2005, with an annual output capacity of 600,000 tonnes. At least 50% of the output is expected to be bought and used by Zhejiang Glass, with the remainder being sold to third parties.

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