Polyplastics Co., Ltd., Mitsubishi Gas Chemical Co., Inc. (MGC), Korea Engineering Plastics Co., Ltd. (KEP), and Ticona, the technical polymers business of Celanese AG, jointly announced that a new polyoxymethylene (POM) resin manufacturing plant will reach mechanical completion on December 15, 2004. The plant is located in the Economic and Technological Development Area of Nantong Municipality, Jiangsu Province, People's Republic of China by PTM Engineering Plastics (Nantong) Co., Ltd. ("PTM"). PTM is a joint venture company between Polyplastics, MGC, KEP and Ticona.
The world-scale plant under construction by PTM in the Nantong Municipality since the spring of 2003 has a production capacity of 60,000 tons/year. PTM accelerated the construction schedule to meet the strong increase in demand in the China domestic market. PTM will now start commercial operation of the plant sometime in February 2005, which is two months earlier than the initial scheduled start-up date of sometime in April.
The current market for POM resin in China is estimated to be in excess of 150,000 tons/year and the estimated average growth rate is around 10% annually.
POM is commercially produced as two resin types "acetal homopolymer" and "acetal copolymer". Acetal copolymer, which will be produced at the new plant, is a POM of high crystallinity that delivering high strength, stiffness, toughness, and lubricity over a broad range of temperatures and chemical environments. It is used in a wide range of applications in many industries including Transportation, Industrial, Appliances, Information Technology and Consumer products.