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In this Edition August 2011 |
LEAD FEATURE |
COMPANY NEWS |
MATERIALS NEWS |
MACHINERY NEWS |
INJECTION MOULDING ASIA |
 RUBBER JOURNAL ASIA |
| ELECTRONIC ISSUE |
PRA August 2011 Electronic Issue Now Available |
Company News
Morgan Stanley invests in Chinese supplier
C
hina's automotive sector is booming and this has led private equity investment firm Morgan Stanley Private Equity Asia to invest US$100 million into automotive plastics producer China XD Plastics. The latter is said to be one of the largest domestic modified plastics players in the country, with 165,000 tonnes of capacity.Under the terms of the transaction, Morgan Stanley will purchase redeemable convertible preferred shares at an aggregate purchase price of US$100 million. Jie Han, Chairman and CEO of China XD Plastics says the investment will enable the company to accelerate its domestic capacity expansion and production line upgrade plans and invest in developing new products.
In its second quarter revenue, XD Plastics recorded US$88.2 million, an increase of 42.2% from the second quarter of fiscal 2010.
XD Plastics's products are used in the exterior and interior trim and in the functional components of more than 70 automotivve brands manufactured in China, including AUDI, BMW, Toyota, Buick, Mazda, VW Golf, Jetta and Hafei new energy vehicles. It has a R&D centre dedicated to modified plastics and boasts one of the largest portfolios of product certifications in the automotive modified plastics industry in the country.