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Doubles Production Capacity with Completion Expected in Fourth Quarter 2015
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HONG KONG, Jan 28, 2015 - (ACN Newswire) - China Wood Optimization (Holding) Limited ("China Wood Optimization" or the "Group;" stock code: 8099), an advanced new technology group engaged in the processing, manufacturing and sales of wood products, has signed an agreement with the administration committee of Huai'an Industrial Zone in Huai'an City, Jiangsu Province in late December 2014 for an investment to build a new production plant in the Huai'an Industrial Zone.
 | | China Wood Optimization Builds New Production Plant in Huai'an, Jiangsu |
Ms. Yim Tsun, Chairlady of China Wood Optimization, and Mr. Zhong Fengbi, Secretary of the Working Committee of the Party of Huai'an Industrial Zone signed the agreement on that day. Leading officials of all related government departments as well as the key members of the Group were present to witness this strategically significant moment.
Occupying an area of approximately 227 mu, the new production plant of China Wood Optimization is to be mainly used to produce processed wood products. Investment of the first phase amounts to US$35 million. The plant is scheduled to be completed and commence production in the fourth quarter of 2015 and is expected to double the Group's current production capacity.
The Group's existing production plant in Handan City, Hebei Province will still continue its current production. Given the geographical advantages of its new production plant in Huai'an, China Wood Optimization will develop the materials for products made from newly imported tree spieces in a bid to expand into the international markets and boost the Group's competitiveness. The new production plant in Huai'an will emphasize energy conservation and more efficient production. To reduce energy consumption and emission during the production process, the Group will adopt solar power technology as well as heat exchange technology, and will also deploy environmentally-friendly electric forklift trucks. Moreover, the Huai'an production plant will emphasize high efficiency in the design of production processes and use the latest technology to replace some labour-intensive processes so as to reduce labour costs.
Ms. Yim Tsun, Chairlady of China Wood Optimization, said, "The Group has selected Huai'an, Jiangsu as the location of our new production plant after detailed analysis and careful consideration. Jiangsu Province has experienced rapid economic growth and enjoys convenient transportation access and an advantageous natural environment. Standing in the core area north of the Yangtze River in Jiangsu, Huai'an City is conveniently accessible with abundant forest resources, thereby making it one of the top industrialised cities regarding forestry in the country. Apart from adding momentum to the economic growth of Huai'an, the new production plant will help to reduce the logistics costs of our customers in Eastern China and will facilitate the Group's market expansion across the whole country."
Huai'an City in Jiangsu Province is located in the coastal economic zone of Eastern China. It spans The Grand Canal and the ancient Huai River, connecting the southern and northern of China and serving as a regional transportation hub. The city is easily accessible through domestic roads, railways and water transportation routes. Five expressways have been built or are to be completed including the Beijing-Shanghai Expressway, Ning-Su-Xu Expressway, Huaiyan Expressway, Suhuai Expressway and Ninghuai Expressway. Besides, the campus zone built by China's Nanjing Forestry University in Huai'an City together with the establishment of offices by numerous internationally-renowned enterprises have attracted talents and thus have enhanced the Group's overall human resources pool.
Contact:
Strategic Financial Relations Limited
Veron Ng +852 2864 4831 veron.ng@sprg.com.hk
Angelus Lau +852 2864 4805 angelus.lau@sprg.com.hk
Janet Fong +852 2864 4817 janet.fong@sprg.com.hk
Fax: +852 2527 1196
Topic: Press release summary
Source: China Wood Optimization (Holding) Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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