Xinxiang Chemical Fiber invests RMB1 billion to build new spandex project

To make a full use of the production resource on spandex market, optimize product structure, stabilize the production size of spandex fiber, heighten its competitiveness and improve the economic benefits, Xinxiang Chemical Fiber plans to implement 100kt high-quality super-fine spandex Phase II project. It will add 1.06 billion Yuan of sales income after this project started and the selling profit may be at 184.02 million Yuan.

This phase II project will produce super-fine spandex, with annual production at 30kt and located in Xinxiang Economic and Development Zone. It is scheduled to start construction in Q2 2021 and will take 18 months before completed. The total investment is at 1.018 billion Yuan, including 962.70 million yuan of construction investment, 14.7 million Yuan of financial fees during construction and 40.60 million Yuan of working capital.

As for the investment in the project, Xinxiang Chemical Fiber said that the enterprise raised 689.58 million yuan by itself and applied for bank long-term loans of 300 million yuan and short-term loans of 28.42 million yuan. According to the actual situation, Xinxiang Chemical Fiber will use a variety of ways, including bank loans, to raise funds for the project.

This project will adopt continuous polymerization dry-spun production technology. Key technology and equipment will be introduced and auxiliary process equipment and utility equipment will use new domestic equipment. Core technology and equipment will adopt advanced 120-end spinning channel in the world.