For immediate release
26th May 1998
ICI Swire Paints opened its second Mainland China paint production plant today (26th May). Operating under ICI Swire Paints (Shanghai) Ltd., the plant is a joint venture between ICI Paints (70%) and Swire Pacific (30%).
The US$40 million factory is located on a new site in the Songjiang Industrial Zone in the greater Shanghai area. The factory employs 150 staff who have been trained to ICI Paints international standards.
The Songjiang plant can produce up to 35 million litres of waterborne decorative paint a year, with potential for expansion to 55 million litres. It is fully computer- controlled, with strong emphasis on high standards of safety, health and environmental compliance.
Officiating at the opening ceremony were Sir Ronald Hampel, ICI's Chairman, Mr. Peter Sutch, Chairman of Swire Pacific, and Madam Zuo Huan Shen, Vice Mayor of Shanghai.
Sir Ronald said,"This investment in new production facilities is in support of ICI's strategy of growing its profitable global paints and coatings business which last year recorded revenues of US$3,600 million."
Mr. Sutch added, "The ICI-Swire partnership dates back almost ten years to 1989 and led initially to the development of our first joint venture manufacturing facility in Guangzhou. It is a measure not only of the success of that alliance, but of our shared vision of China, that we have gone on together to develop a plant as technologically advanced as this one at Songjiang, to produce the world's best-known brand of paint."
Swire's involvement in the paints business started in the early 1930s when it established one of the very first foreign joint venture paint manufacturing companies in Shanghai. Today, its joint venture with ICI is an industry leader in Hong Kong and Mainland China.
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