Lubrizol to build $40 million plant in Shanghai

Lubrizol Corp. will build a US$40 million factory in Shanghai, the largest investment it has made worldwide in the past decade. The 31,000-square-meter plant in Songjiang industrial zone will make primary resins, polymers and specialty additives. “This investment helps us further expand our global reach and improve our operational efficiency in China, a fast-growing market and an important one for Lubrizol,” said Charles Cooley, senior vice-president. The company’s total global revenue in 2006 reached US$4 billion, of which 20% was derived from Asia. “China is the second-largest market following the U.S. for Lubrizol, with the revenue of at least US$100 million,” Cooley said. “Our target for expansion in China is to grow profits by 9 to 10% per year,” he said. (March 3, 2007)