AkzoNobel plans new paint plant in China
Dutch-Swedish group AkzoNobel, the world's largest paint maker, said Thursday it planned to invest 60 million euros in its Chinese operations to build a new factory in Changzhou in the country's east.
"AkzoNobel is planning to invest around 60 million euro (U$84 million) to increase the production capacity of its automotive and aerospace coatings business in China," it said in a statement.
"The project will increase capacity by around 25 million liters and the site is projected to be operational in early 2014," the Amsterdam-based company added.
Company spokesman Oskar Bosson told AFP it was still too early to estimate how many jobs the new factory's construction would create.
But Jim Rees, managing director of the AkzoNobel's automotive and aerospace coatings business, said in the statement he believed this market will soar in China and "this investment will allow us to capture our share of this growth."
The Dutch-Swedish company, which employs over 55,000 people around the world, including 6,700 in China, makes numerous types of decorative and industrial paints for aircraft, boats, mobile phones and washing machines.
© 2011 AFP