INVISTA and the Shanghai Chemical Industry Park Sign Memorandum of Cooperation for China ADN Plant
SHANGHAI--(BUSINESS WIRE)--Feb 20, 2019--Representatives from INVISTA and the Shanghai Chemical Industry Park (SCIP) signed a memorandum of cooperation at a ceremony today in Shanghai.
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Wu Qing, vice mayor of the Shanghai Municipal Government & Jeff Gentry, chairman and CEO for INVISTA (Photo: Business Wire)
In attendance were Wu Qing, vice mayor of the Shanghai Municipal Government; Chen Mingbo, deputy secretary general of the Shanghai Municipal government and director general of the Shanghai Economy Informatization Commission; Ma Jing, director general of the Shanghai Chemical Industrial Park Administration Commission; and Jeff Gentry, chairman and CEO for INVISTA.
Engineering for a 400,000-ton adiponitrile (ADN) plant is underway at an estimated investment in excess of $1 billion (7 billion RMB). With support of the local authorities, we expect construction to start in 2020, and startup is expected to begin by 2022.
“With this memorandum of cooperation and a commitment to work toward an investment agreement, we are pleased to be taking the next step toward finalizing the investment and its location,” said Jeff Gentry, INVISTA chairman and CEO.
“Shanghai is an attractive location in part due to the benefits of integrating the new facility into our existing HMD and polymer plants at SCIP. Furthermore, the cooperation and support we’ve received from the Shanghai government and SCIP to advance this project give us confidence that we can work together to meet future milestones.”
According to the memorandum of cooperation, INVISTA will advance its internal decision-making process for the project with strong support from the Shanghai government and SCIP, including commitment to intellectual property protections and joint efforts to execute an investment agreement.
ADN is the key ingredient in the production of nylon 6,6, a versatile polymer used in many applications that improve people’s quality of life. Applications include engineered plastics, automotive airbag fabric, high-performance coatings and specialty apparel fibers.
From the fibers in your carpet to the plastic in your automobiles, INVISTA’s commitment to continuous improvement has led its employees to develop some of the most durable, versatile polymers and fibers in the world. A subsidiary of Koch Industries since 2004, INVISTA brings to market the proprietary ingredients for nylon 6,6 and recognized brands including STAINMASTER®, CORDURA® and ANTRON®. INVISTA also offers specialty chemical intermediates and process technologies. See the bigger picture at INVISTA.com.
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CONTACT: Shelley Zhang
INVISTA Public Affairs
INVISTA Public Affairs
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PUB: 02/20/2019 06:06 AM/DISC: 02/20/2019 06:06 AM