Coming on the heels of a similar announcement in China, BASF SE of Ludwigshafen, Germany. released plans to expand its engineering plastics plant in Anson, South Korea.
The expansion will boost production of nylon and polybutylene terephthalate compounds by 28.7 million pounds a year. BASF made that announcement less than two months after it revealed plans to expand its China plant by more than 140 million pounds.
With these two capacity expansions, our total engineering plastics capacity in Asia will be more than 220,000 metric tons [485 million pounds] per year by 2015, said Ian DeSouza, communications manager at BASF South East Asia Pte. In Singapore.
The Korea expansion will be complete later this year, giving the plant a capacity of 66 million pounds annually. The plant produces the company's Ultramid and Ultradur compounds.
We want to continue expanding our position as one of the leading producers of engineering plastics in the growing market of Korea, said Hermann Althoff, senior vice president of engineering plastics in the Asia Pacific.
The focus on Asia is predicated on the region's growing appetite for engineering plastics, DeSouza said. In Korea, that market is expected to expand 6 percent annually for the next five years, driven primarily by the automotive and electronics industries.
With this expansion in Korea, BASF continues to globalize its business and clearly shows its long-term commitment to the Asia-Pacific region where the highest growth rates for engineering plastics are expected, DeSouza said.
BASF plans to grow the engineering plastics business in Asia twice as fast as the market.