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INVISTA Signs Land Reservation Agreement for Nylon 6,6 Intermediates and Polymer Plant in China |
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| Global nylon intermediates and fibers leader moving a step closer to the establishment of the first plant of its kind in Asia |
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Contact: Lianne Ng
Government and Public Affairs, Asia
852.2734.1065
Shanghai, CHINA (November 15, 2007) – INVISTA Intermediates announced today that it had signed a Land Reservation Agreement with the Shanghai Chemical Industry Park Development Company, paving the way for the construction of a production plant at the Shanghai Chemical Industrial Park to meet the region’s demand for nylon 6,6 intermediates and polymer.
INVISTA has also begun preparation work for environmental impact assessment and project application report, both of which are important steps in the establishment of the new plant.
“The construction of this plant is in response to the increasing demand in China and Asia for nylon 6,6, intermediates and polymer,” said Warren Primeaux, president, INVISTA Intermediates. “The new technology we will incorporate will give us a significant competitive advantage, strengthen our position as supplier of choice to customers in the region, and sustain the growth of our business here.”
The state-of-the-art plant will be the first of its kind to be built in Asia. It will employ INVISTA’s advanced, proprietary butadiene-based technology to produce hexamethylene diamine (HMD) and adiponitrile (ADN), along with a variety of specialty intermediate chemicals and nylon 6,6 polymer.
The plant is expected to commence production in phases beginning 2010. When production comes on line, INVISTA plants around the world will have the capacity to produce two-thirds of the world’s ADN and HMD, further enhancing the company’s leading position in the global nylon industry.
The new plant will be the most energy efficient and technologically advanced in the world, according to Primeaux. It underscores INVISTA’a continuing focus on improving energy efficiency and developing innovative technologies.
INVISTA has strong commitment to the Asia market. In the past week, the company has announced expansion of its joint-venture spandex facility in Foshan, Guangdong Province; expansion at the company’s LDZ joint-venture spandex site in Lianyungang of Jiangsu Province; and construction of a nitric acid plant on Jurong Island in Singapore. INVISTA is also constructing a nylon 6,6 airbag fiber plant and has purchased a nylon carpet fiber plant in China.
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INVISTA is an integrated fibers and polymers business with a global presence. It operates four major businesses: Apparel; Intermediates; Performance Surfaces and Materials; and Polymer and Resins. INVISTA delivers exceptional value for its customers through market insights and technology innovations, along with a powerful portfolio of some of the most recognized global brands and trademarks in their respective industries including: ADI-PURE®, ANTRON®, AVORA® FR, INVISTA® C12, COMFOREL®, COOLMAX®, CORDURA®, CORFREE®, DACRON®, INVISTA® DBE, DYTEK®, ESP®, FRESHFLEX™, CORDURA® NYCO, LYCRA®, PERFORMA®, POLARGUARD®, POLYSHIELD®, POLYCLEAR®, SOLARMAX®, STAINMASTER®, SUPPLEX®, SUPRIVA™, TACTEL®, TACTESSE®, TERATE®, TERATHANE® and THERMOLITE®. More information on INVISTA can be found at www.INVISTA.com.
Forward-looking information
This press release includes forward-looking statements. These statements relate to future events or future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause INVISTA’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “continue,” “objective,” “guidance” or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. In evaluating these statements, various factors, including the following, should be considered:
• INVISTA’s ability to realize expected cost-savings and the benefits of restructuring initiatives and to integrate operations;
• price volatility in the cost of raw materials and energy;
• breach or loss of rights under key agreements;
• the impact of competition and generic products on the value of INVISTA’s brands;
• uncertainties related to INVISTA’s international operations;
• INVISTA’s dependence on intellectual property;
• changes to environmental and other regulations; and
• financial difficulties of co-investment shareholders and their affiliates and other matters relating to co-investments.
These factors may cause INVISTA’s actual results to differ materially from any forward-looking statement. Although INVISTA believes the expectations reflected in the forward-looking statements are reasonable, INVISTA cannot guarantee future results, levels of activity, performance or achievements. INVISTA assumes no obligation to update or revise any forward-looking statement or to provide reasons why actual results may differ.
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