Yip’s to invest HK$700 million in 2011

Hong Kong-based Yip’s Chemical, which manufactures solvent, coating and lubricant products, aims to double sales of its coating products by 2014. Robert Young, executive director, said household paints would be one of the company’s growth drivers. A boom is expected in the household paints market as the central government has pledged to build 10 million affordable homes this year. The company has budgeted HK$700 million (US$90 million) for capital investment this year, most of which will go into new production plants. These include a 22-hectare plant in Jinshan, China, which will add 280,000 tons of coating capacity to the company. Yip’s will also increase the production capacity of solvent products from 300,000 tons to 600,000 tons this year and to 900,000 tons by 2014. (April 20,2011)