Nonwoven Capacity Expansion Project of COSTIN

[8 November 2010, Hong Kong] COSTIN New Materials Group Limited (“COSTIN” or the “Company“, together with its subsidiaries, the “Group“, HKEx Stock Code: 2228), a company principally engaged in the research and development, production and sales of non-woven materials, announced that the 12,000 tons/annum polyester staple fibres and 23,000 tons/annum PET chips capacity expansion project has been approved by the Environmental Protection Bureau of Jinjiang, Fujian, the PRC. The capacity expansion project is expected to be completed by first quarter of 2011. Upon completion of the capacity expansion, the import volume of PET chips will increase from 30,000 tons/annum to 53,000 tons/annum while the production capacity of polyester staple fibres will increase from 30,000 tons/annum to 42,000 tons/annum.

Commenting on the expansion, the Chief Executive Officer of COSTIN, Mr. Chim Wai Shing Jackson, said, “With the increasing demand of non-woven fabric materials and recycled chemical fibres, the Group endeavors to expand its production capacity. COSTIN is delighted that its capacity expansion project has been approved by the Environmental Protection Bureau of Jinjiang, Fujian, the PRC, thus laying a solid foundation for the Group to further expand  its business. Leveraging on the recent favorable policies included in the “Twelfth Five-year Plan”, it is expected that the emerging environmental protection industries such as the new materials industry will have huge business potential. Going forward, the Group will continue to adopt a low carbon policy, striking a balance between capacity expansion and social responsibility and seize every opportunity for further development.”   Source: Today IR

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