On March 23, Shanghai Pulit Composite Materials Co., Ltd. (hereinafter referred to as: Pulit or the company) issued the "Announcement on the Company Signing an Investment Cooperation Agreement and Planning to Establish a Wholly-owned Subsidiary".
According to the announcement, the company signed the "New Material Northern Intelligent Manufacturing Base Project Investment Cooperation Agreement" with the Tianjin Economic and Technological Development Zone Management Committee. The two parties reached an agreement on the relevant terms of Pulit's investment in the construction of North China Pulit low-carbon polymer composite intelligent manufacturing base. The total investment of the project is 400 million yuan. The annual production capacity of the project is expected to be no less than 120,000 tons, and the annual production capacity realized through environmentally friendly recycled materials will be no less than 30,000 tons (subject to actual filing conditions). Products include modified PP, modified ABS, modified PA, modified PC and various plastic alloys and other high-performance composite materials.
In addition, the announcement stated that the rights and obligations of the project investor as agreed in the agreement are applicable to Tianjin Puli Group, which is planned to be invested and established in Tianjin Economic and Technological Development Zone by Pulitzer for the implementation of the project, or as a controlling shareholder. Texin Materials Co., Ltd. (tentative name, actual name subject to industrial and commercial registration), with a registered capital of about 200 million yuan, is mainly responsible for modified PP, modified ABS, modified PA, modified PC and various plastic alloys Production and sales of high-performance composite materials.
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