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Assets of major polyester producer up for sale
Sep '10
Around 70 percent of the fixed assets of Heilongjiang Longdi Company Limited's amounting to 290 million Yuan have been listed for public auction. Heilongjiang is the biggest polyester producer in North-East China.

The company set up operations in 1975, was initially known as Heilongjiang Polyester factory and had around 170,000 tons PET melt capacity. At one time, the industrial fibre production of the company stood at fourth position in the country and its direct-spun staple fibre dominated country's North-East market.

Built-up area of around 225,000 sq. m. housing the factory buildings and auxiliary buildings, 405,000 sq m area of 8 industrial lands along with around 3,000 sets of production equipments have been put up for the auction. All these account for about 68 percent of fixed assets of Longdi. Remaining 30 percent assets of the company have been mortgaged, earlier.

All production lines of the company are currently at a standstill and over 800 company employees are not working since July.

Fibre2fashion News Desk

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