TEC was Awarded Contract for a Fluoro Chemicals Plant by Daikin Fluorochemicals (China) Co., Ltd.Nov. 8, 2001

Toyo Engineering Corporation (TEC, President Toshihiko Hirose) has been awarded a contract for the production facilities of a fluoro chemicals plant by Daikin Industries, Ltd. (President Noriyuki Inoue) planned for execution in Changshu, Jiangsu Province, China. Full-scale construction work will get underway from January 2002.

The construction of this fluoro chemicals plant is positioned as an important factor in the current internationalization of the fluoro chemical operations of Daikin Industries. This plant will be constructed within the grounds of Daikin Fluorochemicals (China) Co., Ltd., its local subsidiary in China. This is located in the Jiangsu Hi-tech Fluorine Chemical Industrial Park, and the current project is worth about 20 billion yen. TEC's scope of work includes design work, procurement services of equipment and materials, and construction work. The plant is scheduled to be completed by the spring of 2003.

Daikin Industries is an integrated fluoro chemical manufacturer with the second largest share in the world. It seeks to enhance its cost competitiveness by establishing production facilities in China, a country producing fluorite, the main constituent of fluoro chemical products. This project is the first fluoro resin plant in China financed by foreign funds. By the autumn of 2003, the plant is scheduled to commence the production and sale of fluoro resins and it will be Daikin's fourth largest global base for fluoro chemical operations, after Yodogawa, Kashima and its USA plant. Daikin Fluorochemicals (China) Co., Ltd. will become the largest producer of fluoro resins in China. (Fluoro resins such as polytetrafluoroethylene (PTFE), PFA and FEP are in general use as industrial plastics.)

The Jiangsu Hi-tech Fluorine Chemical Industrial Park was established to attract an inflow of foreign funds and to revitalize the local economy. It is planned for other Japanese companies to set up operations here.

This contract was awarded to TEC based on the positive evaluation placed on TEC's technical capabilities. Additional background factors include not only the excellent track record that TEC has constructed numerous oil refinery and petrochemical plant projects, but also its outstanding track record of over 80 plant projects in China and the continuous good relationship it has developed with the client through the construction of the existing plants.

In addition to its extensive experience through the construction of many oil refinery and petrochemical plant projects, TEC intends to make the best use of this project as active sales operations to be directed to obtaining the contracts in the area of general-purpose resins. In view of the active program of plant and equipment spending expected in Asia, especially in China, TEC is committed to extensive sales operations in the region.

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