On Aug 8, Taekwang Industrial Co., LTD and the Management Committee of Ningdong Energy Chemical Industrial Base signed a cooperation agreement.
The signing ceremony [Photo provided to seeningxia.com]
Taekwang will build a spandex project with an annual output of 108,000 tons in Ningdong base, with a total investment of 4.47 billion yuan (about $67 million).
In recent years, the Ningdong base has seized the opportunity of developing new material industry, and continuously extended the industrial chain. It has successively introduced and constructed a number of major initiatives, such as the Hyosung project with an annual output of 360,000 tons of spandex. The development of new material industry is gathering and forming in Ningxia.