Teijin links up with CCFA for more business prospects
Teijin Limited announced a partnership with the China Chemical Fibers Association (CCFA) to pursue business opportunities in the fields of chemical fibers and related industries in China. This is the first time for the CCFA to enter into a comprehensive alliance with a foreign private business.
Under the basic agreement, collaborations between Teijin group companies and major Chinese companies introduced by the CCFA will pursue various opportunities to:
- Enhance Chinese fiber products with added value, differentiation and greater production efficiency
- Develop high-performance fibers and related applications
- Nurture unique businesses
- Develop green solutions for greater sustainability, and
- Establish a closed-loop recycling system.
Teijin has already reached an agreement to set up a closed-loop system for recycling polyester with Zhejiang Jiabao New Fiber Group Co., Ltd., which is based in Shaoxing, Zhejiang province and is a group company of Jinggong Holding Group, a prominent company involved with environmental management.
The system will be created by leveraging Teijin's leading-edge proprietary chemical recycling technology and business expertise cultivated through the global expansion of its Eco Circle closed-loop recycling system.
China is a high-priority market in the Teijin group's medium- to long-term growth plan. The group aims to expand business in China through strategic alliances with local partners, expansion of production and R&D bases and development of environment-related businesses.
Teijin, by creating solutions based on its extensive polymer- and fiber-related technologies and knowhow, hopes to expand its Chinese market while contributing to the advancement of the local chemical fiber industry.
“As we celebrate the 40th anniversary of normalized diplomatic ties between Japan and China, we are particularly pleased to pursue mutual growth opportunities with the CCFA and its member companies,” said Shigeo Ohyagi, president and CEO of Teijin Limited.
“We hope to apply our technologies and expertise toward solutions for energy savings and environmental preservation in the chemical fiber industry, a strategic industry in China's 12th five-year plan.”
While China produces more than 60% of the world's chemical fibers, fuel and raw material prices have been rising and demands for low-carbon operations and resource conservation have been strengthening.
The CCFA is promoting industrial structural reforms targeted at realizing greater competitiveness through product differentiation and added value. High-performance, energy savings and waste reduction are key goals of the chemical fiber industry under China's 12th five-year plan through 2015.
The CCFA now hopes to achieve further advances in the Chinese chemical fiber industry through its new partnership with the Teijin Group, a major global player with significanttechnological and business strengths.