Specialty materials maker FRX Polymers Inc. has received $22 million in a round of financing led by Chinese investment firm CITIC Capital.
In a Sept. 6 news release, FRX CEO Marc Lebel said the investment will help support business growth in China and other parts of the world. He added that China is the fastest-growing market for flame retardant plastics.
Nofia-brand halogen-free flame retardants made by Chelmsford, Mass.-based FRX are replacing halogenated flame retardants, which are being phased out because of toxicity concerns. Full commercial production of Nofia materials began last summer at a plant in Antwerp, Belgium.
CITIC Capital is a unit of state-owned CITIC Group Corp. of Beijing. It's involved in a variety of industries, including financial and non-financial businesses.
The latest round of financing included Evonik Venture Capital, which is a unit of German materials group Evonik Industries AG. Evonik first invested in FRX in 2014.