Zhangjiagang, China – Red Avenue New Materials is expanding its rubber additive capacity in Zhangjiagang, Jiangsu, the company has announced.
The programme has involved a first round of capital injection of €44 million (349 million yuan) in the related subsidiary this October.
Funding was raised from a Red Avenue IPO on the Shanghai Stock Exchange this June.
The expansion, under fully-owned subsidiary Sino Legend (China) Chemical, includes a 20ktpa additive project with €7 million total investment and a 27ktpa additive project with €30 million total investment.
The prospectus refers…