Ineos Styrolution has broken ground on a new ABS resin plant in Ningbo, China.
The new plant will have annual production capacity of 1.3 billion pounds. A groundbreaking event was held on Dec. 18. Officials said in a news release that the plant will provide additional resources for the world's biggest ABS market and improved service to customers.
They added that the investment reflects commitment to the company's Triple Shift growth strategy. Development of the new site is part of Ineos Styrolution's larger expansion plans into China, officials said, following an earlier acquisition of two polystyrene production sites in Ningbo and Foshan.
The new ABS site was selected because of its access to feedstock supply options and excellent supply chain connection to customers. The new plant is expected to open by 2023.
The ground-breaking ceremony was hosted by Meizhu Fang, Ineos Styrolution APAC project director.
"The successful completion of this project will be a significant step forward for our ambitious growth plans in China and will allow us to further serve our customers in their domestic market," CEO Steve Harrington said at the event, which was attended by local government and business leaders, engineering and construction representatives and project service providers and partners.
Frankfurt, Germany-based Ineos Styrolution is a unit of Ineos Group. The business is a major global supplier of styrenic-based materials. Ineos Styrolution employs 3,600 and posted sales of around $6.1 billion in 2019.