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Lenzing AG

euro adhoc: Lenzing AG
Mergers - Acquisitions - Takeovers
Lenzing Builds Viscose Fiber Production in China

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
10.01.2005
Capacity: 60,000 tons/year - Partnership with Nanjing Chemical Fibre
Company
The Lenzing Group, a worldwide leading manufacturer of
cellulose-based fibers will build its own viscose fiber production
plant in China. The new production site, to be situated in an
industrial park near the town of Nanjing in the south-east Jiangsu
province, will have an annual capacity of about 60,000 tons of
viscose staple fibers for textile and nonwoven applications. Lenzing
will contribute key technology to the new site to assure high product
quality standards as well as European environmental standards.
Startup can be expected in the fourth quarter of 2006 after a
construction time of about 18 months.
"The availability of a Chinese production capacity is another
important milestone on the road towards our presence in Chinese and
Asian markets," says Thomas Fahnemann, Chairman of the Management
Board of Lenzing AG. Up to now the vigorously growing Chinese market
has been supplied from the production sites in Austria and Indonesia.
Last year, Lenzing already launched a sales company in Shanghai.
An intensive evaluation phase preceded the present decision in favor
of a local production site. "By manufacturing in China we not only
save on import duties but - in the first place - we come closer to
our customers on this important market," says Fahnemann.
A Local Viscose Fiber Manufacturer as Partner
Lenzing AG joined hands with Nanjing Chemical Fibre Co., Ltd. (NCFC),
as the local partner for the new viscose fiber production site.
Lenzing and NCFC will operate the new plant on a joint-venture basis,
with Lenzing holding a majority of the shares. NCFC is China’s
seventh-biggest viscose fiber manufacturer and a stock listed
company. Having NCFC as a partner will contribute essentially to a
good market introduction and a smooth start up of the enterprise.
NCFC will also provide the necessary infrastructure for the joint
venture.
With a consumption of more than 800,000 tons of viscose staple
fibers, China today is the world’s most important market for Viscose
and Modal fibers. Already during the past five years, the boom of the
Chinese textile industry resulted in double-digit growth rates, which
are expected to continue. After this fast growing period in the
textile industry, we also expect strong growth rates for nonwoven
applications in China.
end of announcement                    euro adhoc 10.01.2005 07:50:46 

Further inquiry note:

Angelika Guldt

Branche: Chemicals
ISIN: AT0000644505
WKN: 064450
Index: WBI
Börsen: Berliner Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Wiener Börse AG / official dealing

Original-Content von: Lenzing AG, übermittelt durch news aktuell

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