Taiwan – China Synthetic Rubber Corp (CSRC), a Taiwan-based leading supplier of carbon black, has announced plans to pump just under €200 million into its operations in India and the US to increase production.
The company said in a filing earlier in June that it will be raising capital through the issuance of 180 million new shares in the near term to fund investments in the two countries.
CSRC is planning to inject $155 million (€133 million) into Continental Carbon India Ltd, to expand manufacturing capacity at its production unit in Gujarat .
As for the US investment, CSRC has proposed a capital injection of $52 million (€45 million) to Continental Carbon Co, headquartered in Houston, Texas, to replenish its operating capital.
In a separate 14 June report, CSRC also signalled plans to spin off its carbon black and biotech operations to improve efficiency.
CSRC claims to be the world’s fifth-largest carbon black supplier.
The company said it would remain listed on the local bourse after the move and would rename itself International CSRC Investment Holdings Co Ltd.
The planned spin-off is scheduled to take effect on 30 Sept.