AlliedSignal, Kaiping Polyester Enterprise form joint ventures in China for industrial polyester fiber and fabric.MORRIS TOWNSHIP There are several places named Morris Township in the United States:
See: New York Stock Exchange :ALD ALD abbr. adrenoleukodystrophy ALD, n.pr See adrenoleukodystrophy. ALD aldolase. ) and Kaiping Polyester Enterprise announced today that they have formed two joint ventures in Kaiping, China. One will make industrial polyester fiber Noun 1. polyester fiber - a quick-drying resilient synthetic fiber consisting primarily of polyester polyester - any of numerous synthetic resins; they are light and strong and weather resistant and the other will make industrial polyester fabric. Terms were not announced. AlliedSignal will assume operational control of both joint ventures with a 70% interest in existing production facilities located 125 miles (200km) west of Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. in the Guangdong Province Noun 1. Guangdong province - a province in southern China Guangdong, Kwangtung . The fiber venture will be called AlliedSignal (Kaiping) Industrial Fibers Co. Ltd., while the fabric venture will be called AlliedSignal (Kaiping) Industrial Fabrics Co. Ltd. Both become effective July 1, and together are expected to generate $30 million of sales in 1997. "Kaiping is the next step in the plan to expand our leading position on a global basis," said Paul J. Norris, president of AlliedSignal Polymers. "We are the first major international industrial polyester fiber producer to manufacture in Asia, giving us an edge in meeting growing demand from customers in the region." The joint venture believes that demand for industrial polyester in Asia will grow at a rate of two to three times the industry average over the next five years. Industry polyester fiber and fabric are used to make automobile tires, rope and cordage cordage (kôr`dĭj), collective name for rope and other flexible lines. It is used for such purposes as wrapping, hauling, lifting, and power transmission. Early man used strips of hide, animal hair, and plant materials. , tents and tarps, and conveyor belts and v-belts. "We are gaining a strong global partner with a commitment to invest in our people's skills and introduce world-class technology," said Liang Shu Xiang, general manager of Kaiping Polyester Enterprise. "Our business arrangement offers both companies significant opportunity for success, and secures future employment for the region. We are eager to work together." "Our plan is to invest approximately $20 million over the next two to three years to make our advanced DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive (R) polyester fiber and double the existing capacity of both operations," said Dr. David Pendlebury, vice president and general manager of AlliedSignal's Industrial Fibers business. "Until that expansion is completed, we will supplement our supply to the region from our Longlaville, France facility. "The Kaiping join venture provides a solid base on which to expand and build sales in the region," said Pendlebury. "It has good infrastructure with waterway access to the rest of Asia and new highways now being built. Our partner, Kaiping Enterprise, will provide raw material on favorable terms." As part of its globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation plan, AlliedSignal Polymers is currently doubling the capacity of its state-of-the-art industrial polyester fiber facility in Longlaville, France. In addition, the business made two acquisitions last year: an industrial polyester fiber facility in Hopewell, Va., and a nylon fiber and plastics operation in Rudolstadt, Germany. Kaiping Polyester Enterprises Group, Ltd., is one of the largest chemical fiber companies in China. It manufactures over 100 products, including polyester fiber, nylon fiber, polyester masterbatch, polyester chips and industrial polyester fabric. Annual sales exceed $400 million. AlliedSignal Inc. is an advanced technology and manufacturing company serving customers worldwide with aerospace and automotive products, chemicals, fibers, plastics and advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, . CONTACT: Philippe Hardouin (Europe) 33-14311-5380 or William D. Rea (North America) 804/520-3189 or Samuel Mak (Asia) 852/2566-1311 |
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