On 14 May 2021, Jiangsu Changhai Composite Materials Co., Ltd held the nineteenth meeting of the fourth session of the Board of Directors and considered and passed the "Proposal on the Proposed Investment in the Construction of 600,000 Tons of High Performance Glass Fiber Intelligent Manufacturing Base Project".
In order to meet the needs of the Company's medium and long-term development strategy and production capacity layout, further improve the integrated glass fiber production industry chain from fiber production, products processing to composites manufacturing, and enhance the Company's industry competitiveness, the Company intends to invest in the construction of 600,000 tons of high-performance glass fiber intelligent manufacturing base project. The total investment of this project is RMB 6346.9846 million: RMB 5966.9846 million in fixed assets; RMB 380 million in working capital.
Project name: 600,000 tons of high-performance glass fibre intelligent manufacturing base.
Construction content: The project constructs four glass fiber drawing production lines with an annual production capacity of 150,000 tons each, including the process and equipment of the production lines, civil construction of production workshops, supporting public works and civil construction, production auxiliary facilities, general transportation and plant pipelines, etc.
The project will build four production lines with an annual production capacity of 150,000 tonnes of glass fibre drawing lines, which will be implemented in two phases, two production lines in each phase.