US chemical giant DuPont is setting up one of its largest manufacturing plants on the mainland in Shanghai, which will bring its investment up to about US$300 million.
It has signed a letter of intent with two Chinese parties to establish an acetal polymer plant, costing over $100 million.
DuPont already has three joint ventures in Shanghai, one in Dongguan in Guangdong province and three wholly-owned facilities in Shenzhen. Total investment in these projects is about $160 million.
Chairman and chief executive Edgar Woolard, on a three-day visit to Shanghai, said yesterday the company was committed to doubling the number of plants in China this year.
'In China, among the 20 plus projects under negotiation at the start of the year, many have materialised. Others in the areas of fibres, electronics, chemicals and polymers are very close to finalisation,' Mr Woolard said.
DuPont's biggest investments are in Shanghai. These are a rice herbicide joint venture with Asia-Pacific Agricultural Chemical, the photomask plant with Shanghai Photomask Precision, and the Lycra spandex joint venture with China Worldbest.