Materials firm Avient Corp. will complete an expansion in February at a color concentrates plant in Vietnam.
The expansion of existing production capabilities in Binh Duong will improve speed to market and service level for local customers, officials with Avon Lake, Ohio-based Avient said in a Jan. 15 news release.
"Demand for plastics has become one of the Vietnam economy's fastest growth areas," Say-Eng Lee said in the release. Lee serves as Asia color and additives vice president and general manager.
He added that as consumption grows, requirements for high-quality color concentrates are becoming more challenging as well, as top brands focus on novel color solutions.
The expansion will increase production space by more than 30 percent and add machinery to shorten lead times for developing and producing color concentrates. Officials added that local customers "will benefit from an efficient and agile setup, along with expert technical support."
Officials also cited a recent report from Vietnam Economic News that said the country's plastics industry is growing at an annual rate of 16-18 percent, with key segments including packaging, construction and electronics.
Avient's sustainable color concentrates also can support steps within Vietnam to encourage plastic waste recycling and reuse, officials added. Avient offers color concentrates for several biodegradable plastics and special blends that officials said don't compromise the organic recyclability of the resins.
Avient employs 9,100 and expects to post sales of $3.7 billion for full-year 2020. The firm is one of North America's largest compounder and concentrate makers and one of the region's largest resin distributors.