BEIJING, March 21 (Xinhua) -- Paints and coatings giant AkzoNobel will invest 65 million euros (84 million U.S. dollars) to expand its surface chemical business in the Chinese market.
More than half of the investment will be used to increase its output of amine products and build a worker-friendly environment at China Resource (Boxing) Olecchemicals Co., Ltd. in east China's Shandong Province, a spokesman with the Amsterdam-headquartered firm said on Thursday.
AkzoNobel acquired the company in 2012.
AkzoNobel has also decided to build new alkoxy facilities in Ningbo, where it already owns a manufacturing base, bringing its total investment in the eastern Chinese city to 400 million euros.
Given China's huge potential demand for protective coating in exploring its large reserve of shale gas, the company is looking to expand its market share of heat-resistant, fire-proofing and anti-erosion coatings, according to Hua Zhenfei, a marketing engineer with AkzoNobel China.
AkzoNobel is a leading producer of paints, coatings and specialty chemicals. With operations in more than 80 countries and owning brands such as Dulux, it employs about 55,000 people worldwide.
In China, more than 7,000 people work for AkzoNobel, whose sales revenue reached 1.7 billion euros in 2012.
China's financial might takes shape
Top 10 Chinese cities with highest urbanization quality
Chinese investment in Africa: Digging deeper
Top 10 innovative cities in Asia-Pacific
Nation may limit gold to 2% of foreign reserves
Lu Zhaoxi named Alibaba's new CEO