合弁会社設立で中国におけるPEEK製造に投資

ビクトレックス、合弁会社設立で中国におけるPEEK製造に投資

2020年1月13日(UK現地時間)- ビクトレックス社は子会社であるVictrex Hong Kong Limitedと、Yingkou Xingfu Chemical Company Limited(以下、Yingkou Xingfu社)による合弁会社の設立、および当合弁会社によるPEEKポリマー製造拠点の新設を発表しました。合弁会社はビクトレックスが筆頭パートナーとなり、製造拠点は中国遼寧省に構えることになります。本決定はビクトレックスのPEEK/PAEK製品群をさらに強化し、中国における注力市場の長期成長性および “中国製造2025”政策下で期待される中国国内製PEEKの需要増に応えることが見込まれています。

ビクトレックスは既にYingkou Xingu社からのモノマー供給を通して同社と良好な関係を築いており、また同社は国際的な品質やプロセス、また環境基準を満たす化学設備の開発と運用を中国で手がけてきた豊富な経験があります。ビクトレックスは上海にテクニカルセンターを構えて技術支援を提供しており、最近では新たに中国担当のジェネラルマネージャーが着任しました。本発表は中国市場におけるプレセンス向上の取り組みを一層強化し、現地設備からより多様なサービスを提供することが可能となります。ビクトレックスは、重合反応プロセスの開発にあたり、プロセスノウハウと知的財産の管理も監督します。

合弁会社設立と製造拠点新設のためのビクトレックスの投資総額は3,200万ポンドとなる見込みです。操業開始予定は2022年初頭、段階的に製造能力を引き上げ最終的に年産1,500トン*を備える計画です。常に需要に先行して生産能力を強化してきたビクトレックスですが、将来的な生産能力増強は大規模な複数年投資よりも、段階的な増強になる予定です。

ビクトレックスのヤコブ・シグルドソンCEOは、次のように語っています:

「今回の投資は需要に先行した投資であるばかりでなく、当社のPEEK/PAEKグレード製品群を補完して差別化を強化し、成長地域での基礎固めとなります。競争力のある製造拠点を現地に置くことで中国やアジア太平洋地域での大いなる機会を活かすことができます。『中国製造2025』政策と並行して、用途開発の多様化に伴い、より高品質で差別化されたPEEK製品が求められています。当社はすでにPEEKとPAEKポリマーの各種グレードを製造していますが、これにより製品ポートフォリオはより強化されます。当社のノウハウと用途開発能力と相まって、さらなる成長ポテンシャルを秘めているこの地域においてより競争力を発揮できると見ています。今回の案件は、中国で実績のあるパートナーとの協働による中国製造事業への参入であり、高い投資効果を期待しています。」

本合弁事業はVictrex Hong Kong Limitedが75%を出資する筆頭パートナーで、製造拠点の稼働開始からビクトレックスがリーダーシップを担います。今回の投資はビクトレックスが2020年会計年度から開始している、英国本社の製造設備更新プロジェクトに続くもので、プロジェクト完了時には英国の年産能力は最大1,000トン追加増強されます。

(本リリースは、英国上場規則によるクラス2取引です)

 

注記

1/ *年産1,500トンは、理論的生産能力

2/ 合弁事業の総資産価値は、およそ2,950万ポンドです

3/ いかなる利益もこの合弁事業の資産には帰属せず、当該合弁事業の組成が、稼働竣工前に当グループの予測に影響を及ぼすことも見込まれていません

4/ ビクトレックスは、この合弁事業の一環として取締役会四つの職責のうち三つを占めることになり、ビクトレックスの最高財務責任者であるリチャード・アーミテージが当該合弁会社取締役会長を務めます

 

お問い合わせ
Victrex plc: 
Andrew Hanson
Director of Investor Relations & Corporate Communications
+44 (0) 1253 898121

 

 

Victrex plc today announces the creation of a joint-venture between its subsidiary, Victrex Hong Kong Limited, and Yingkou Xingfu Chemical Company Limited, to build and operate a new PEEK polymer manufacturing facility in Liaoning, China, subject to certain performance conditions, including finalising land purchase and permit applications. Victrex, which will be the majority partner and lead the joint-venture, will benefit by further differentiating and complementing its portfolio of PEEK and PAEK grades, in anticipation of a range of significant long-term growth opportunities across several end markets in China, as well as aligning with China’s ‘Made in China 2025’ initiative, where specifying domestically produced PEEK in certain applications is expected to gain momentum. 

Victrex already has an established relationship with its joint-venture partner through its monomer supply chain, with Yingkou Xingfu having significant experience of developing and operating chemical facilities in China which meet international quality, process and environmental standards. 

Today’s announcement builds on Victrex’s recent appointment of a General Manager for China and an increased commercial presence, as well as its strong technical service offering to customers, which includes its existing Technical Centre in Shanghai. The investment sets the stage for Victrex to serve some of its regional customers from a local facility and in a more diverse way. Victrex will also oversee the management of process know-how and intellectual property during development of the polymerisation process.

Victrex’s share of the overall investment, the majority of which comprises capital investment during construction, is expected to total £32m funded in cash, with approximately £28m of capital expenditure and £4m of start-up costs, with commissioning of the facility anticipated in early 2022. The new plant will eventually be capable of producing up to 1,500 tonnes* per annum. Establishing a new PEEK polymer plant in China is in line with Victrex’s record of investing in capacity ahead of demand, with an expectation that future capacity increases will be more gradual, rather than larger multi-year investments. 

Jakob Sigurdsson, Chief Executive of Victrex, said: “This investment is in line with our record of not only investing ahead of demand, but in complementing and further differentiating our range of PEEK and PAEK grades, as well as setting the stage for specific geographic growth, whereby we can capitalise on the significant opportunities in China and the Asia Pacific region by having a competitive manufacturing presence there. 

“Alongside the Made in China 2025 initiative, some of our increasingly diverse application areas mean our customers require a quality and differentiated PEEK offering. Whilst we already manufacture a range of PEEK and PAEK grades, this will enhance our portfolio, making us even better positioned in a region where we have seen strong growth in recent years and continue to see attractive opportunities, aligned to our know-how and strong technical and application development capabilities. 

“Overall, we believe this is a good entry point to a China manufacturing operation, working with an established partner and offering an attractive returns profile.” 

The joint-venture will establish Victrex Hong Kong Limited as the majority partner with a 75% share, with leadership being assumed by Victrex once the facility is operational. The investment follows on from Victrex commencing a debottlenecking project at its main Hillhouse UK facilities in FY 2020, which will add up to 1,000 tonnes per annum of nameplate capacity when completed. 

This announcement is a class 2 transaction made in requirement with the UK Listing Rules. 


Notes 
1/ *1,500 tonnes is based on anticipated annual nameplate capacity 
2/ The gross asset value of the joint-venture is approximately £29.5m 
3/ No profits are attributable to the assets of the joint-venture and formation of the joint-venture is not anticipated to materially affect expectations for the Group prior to operational completion 
4/ Victrex will hold three of the four Board seats as part of the joint-venture, with Richard Armitage, Victrex Chief Financial Officer, chairing the joint-venture 

PAEK or Polyaryletherketone is the name of a family of high-performance thermoplastics including Polyetheretherketones such as VICTREX™ PEEK.


ENQUIRIES
Victrex plc: 
Andrew Hanson, Director of Investor Relations & Corporate Communications 
+44 (0) 1253 898121
Victrex plc today announces the creation of a joint-venture between its subsidiary, Victrex Hong Kong Limited, and Yingkou Xingfu Chemical Company Limited, to build and operate a new PEEK polymer manufacturing facility in Liaoning, China, subject to certain performance conditions, including finalising land purchase and permit applications. Victrex, which will be the majority partner and lead the joint-venture, will benefit by further differentiating and complementing its portfolio of PEEK and PAEK grades, in anticipation of a range of significant long-term growth opportunities across several end markets in China, as well as aligning with China’s ‘Made in China 2025’ initiative, where specifying domestically produced PEEK in certain applications is expected to gain momentum. 

Victrex already has an established relationship with its joint-venture partner through its monomer supply chain, with Yingkou Xingfu having significant experience of developing and operating chemical facilities in China which meet international quality, process and environmental standards. 

Today’s announcement builds on Victrex’s recent appointment of a General Manager for China and an increased commercial presence, as well as its strong technical service offering to customers, which includes its existing Technical Centre in Shanghai. The investment sets the stage for Victrex to serve some of its regional customers from a local facility and in a more diverse way. Victrex will also oversee the management of process know-how and intellectual property during development of the polymerisation process.

Victrex’s share of the overall investment, the majority of which comprises capital investment during construction, is expected to total £32m funded in cash, with approximately £28m of capital expenditure and £4m of start-up costs, with commissioning of the facility anticipated in early 2022. The new plant will eventually be capable of producing up to 1,500 tonnes* per annum. Establishing a new PEEK polymer plant in China is in line with Victrex’s record of investing in capacity ahead of demand, with an expectation that future capacity increases will be more gradual, rather than larger multi-year investments. 

Jakob Sigurdsson, Chief Executive of Victrex, said: “This investment is in line with our record of not only investing ahead of demand, but in complementing and further differentiating our range of PEEK and PAEK grades, as well as setting the stage for specific geographic growth, whereby we can capitalise on the significant opportunities in China and the Asia Pacific region by having a competitive manufacturing presence there. 

“Alongside the Made in China 2025 initiative, some of our increasingly diverse application areas mean our customers require a quality and differentiated PEEK offering. Whilst we already manufacture a range of PEEK and PAEK grades, this will enhance our portfolio, making us even better positioned in a region where we have seen strong growth in recent years and continue to see attractive opportunities, aligned to our know-how and strong technical and application development capabilities. 

“Overall, we believe this is a good entry point to a China manufacturing operation, working with an established partner and offering an attractive returns profile.” 

The joint-venture will establish Victrex Hong Kong Limited as the majority partner with a 75% share, with leadership being assumed by Victrex once the facility is operational. The investment follows on from Victrex commencing a debottlenecking project at its main Hillhouse UK facilities in FY 2020, which will add up to 1,000 tonnes per annum of nameplate capacity when completed. 

This announcement is a class 2 transaction made in requirement with the UK Listing Rules. 


Notes 
1/ *1,500 tonnes is based on anticipated annual nameplate capacity 
2/ The gross asset value of the joint-venture is approximately £29.5m 
3/ No profits are attributable to the assets of the joint-venture and formation of the joint-venture is not anticipated to materially affect expectations for the Group prior to operational completion 
4/ Victrex will hold three of the four Board seats as part of the joint-venture, with Richard Armitage, Victrex Chief Financial Officer, chairing the joint-venture 

PAEK or Polyaryletherketone is the name of a family of high-performance thermoplastics including Polyetheretherketones such as VICTREX™ PEEK.


ENQUIRIES
Victrex plc: 
Andrew Hanson, Director of Investor Relations & Corporate Communications 
+44 (0) 1253 898121