TOKYO & NANTONG, China--()--Teijin Limited announced today plans to establish Teijin Product Development China Co., Ltd. this August to conduct fiber and textile product research and development in Nantong, Jiangsu Province beginning in April 2013. The move will enhance the Teijin group's R&D functions in China and enable collaborative development with local partners to respond quickly to business opportunities in this fast-growing market.
Teijin Product Development China will be established on the premises of Nantong Teijin Co., Ltd., a Teijin group company engaged in manufacturing, dying, processing and selling polyester textiles. Initially the new company will develop textiles for apparel as well as fibers in collaboration with local fiber manufacturers. Applications for the automotive, electronics and environmental fields will be pursued later. It will also engage in co-development initiatives with companies introduced by China Chemical Fibers Association (CCFA). Capital expenditure will total around two billion yen (US$ 25 million).
China is a high-priority market in the Teijin group's medium- to long-term growth plans. The group aims to expand business in China through strategic alliances with local partners, expansion of production and R&D bases and development of environment-related businesses. In March, Teijin entered into a comprehensive alliance with the CCFA to pursue business opportunities in the fields of chemical fibers and related industries.
"Establishing Teijin Product Development China will enable us to promptly respond to various market needs in China," said Toshihide Fukushima, Teijin Group executive officer. "We are confident our solutions, based on our extensive fiber-related technologies and expertise, will promote the development of advanced products contributing to adding value to and differentiating the local chemical fiber industry, a strategic industry in China's 12th five-year plan."
About the Teijin Group in China
Teijin's foray into the Chinese market goes back to the 1970s, when it began polyester fiber plant exportation. Since then, the group has built manufacturing, sales and marketing bases in Beijing, Shanghai and other major cities. Currently, 12 major Teijin Group companies have bases in mainland China, employing about 2,000 people in businesses including aramid, carbon and polyester fibers, films, plastics and medical/pharmaceuticals, as well as the trading and marketing of fiber products. In April 2010, Teijin (China) Investment Co., Ltd. was established in Shanghai to oversee the group's ongoing expansion in China and promote the development of markets, businesses and related investment. The group aims to expand current sales in China by three to four times by around 2020.
About the Teijin Group
Teijin (TOKYO:3401) is a technology-driven global group offering advanced solutions in the areas of sustainable transportation, information and electronics, safety and protection, environment and energy and healthcare. Its main fields of operation are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, products converting and IT. The group has some 150 companies and over 17,000 employees spread out over 20 countries worldwide. It posted consolidated sales of JPY 815.7 billion (USD 9.9 billion) and total assets of JPY 761.5 billion (USD9.3 billion) in the fiscal year ending March 31, 2011.
Please visit www.teijin.co.jp/english.