Maspion signs PVC deal

Maspion signs PVC deal

BANGKOK (Reuter): Thai Plastic and Chemical Plc. said yesterday Siam TPC Singapore Co. Ltd. had signed a joint venture agreement with Maspion Group of Indonesia to set up a plant producing a PVC resin in Surabaya, Indonesia.

Siam TPC Singapore is wholly owed by Siam TPC, which is partly held by Thai Plastic and Chemical.

In a statement to the Stock Exchange of Thailand, the company said the agreement called for setting up a company called PT Siam Maspion Polymers. Each company would hold 50 percent in the new firm, which has US$50 million total registered capital.

The plant will have an initial output of 100,000 tons a year and will distribute its products in Indonesia and other countries.

The project requires an investment of about $60 million.