Xinyi Glass Holdings Limited has announced that it has signed a letter of intent with Wuhu Municipal Government, Anhui Province, China, in relation to its investment plans in phase III of its producti…
Xinyi Glass Holdings Limited has announced that it has signed a letter of intent with Wuhu Municipal Government, Anhui Province, China, in relation to its investment plans in phase III of its production complex in the Economic and Technology Development Zone in Wuhu City. Pursuant to the agreement, the leading integrated high quality float glass, automobile glass, construction glass and photovoltaic glass manufacturer said it intends to invest in a new ultra-thin and ultra-clear electronic glass substrate and downstream processed products project in the production complex. The Group plans to invest in the production of ultra-thin electronic glass products, which are mainly used in products such as LCD and mobile screens. During its more than 20 years of activities, Xinyi Glass has focused on the R&D as well as the technological innovation of glass products. Xinyi Glass said that the project marks the further extension of its industry chain and, on top of its existing four major businesses, this fifth business segment is a milestone of the Group“s expansion into the ultra-thin glass sector. The Group also plans to develop a low temperature residual heat generated electricity project, in order to harness the residual heat generated from the float glass furnaces to supply electricity to its four production complexes. The first power station at the Dongguan production complex has already commenced operation, with other facilities in the production complex in Anhui, Tianjin and Jiangmen to be completed by the end of 2011. On full operation of the low temperature residual heat generated electricity project in 2012, the electricity produced from residual heat is expected to reach 280,000,000 kilowatts per year, with annual savings in production costs of about HKD 140,000,000.