HARBIN, China, Nov. 13, 2018 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the
"Company"), one of China's leading
specialty chemical companies and top 500 non-Stated Owned
Enterprises in China's
manufacturing sector engaged in the development, manufacture and
sale of polymer composite materials primarily for automotive
applications, today announced the commissioning of its digital and
automatic production base specialized in producing engineering
alloy plastics and official ceremony held in Jebel Ali Free Zone
("JAFZA") on November 11,
2018.
Witnessed this milestone of the Company's oversea business
expansion during the ceremony were Mr. Ahmad Sultan Al Haddad, JAFZA's Chief Operating
Officer, Mr. Chen Wang from China
Consulate-General in Dubai,
automobile manufacturers, and the Company's European customers,
Middle East customers, and
suppliers.
"As the first new material manufacturer rooted from China building a production facility in the
Middle East, Dubai Xinda will play
a vital role as a logistic and manufacturing hub for the Company
with focus on top end polymer composite materials, including long
chain nylon alloy and other specialty engineering plastics for the
Company's product development, quality assurance, marketing and
distribution in Middle East and
EU. In addition, Dubai Xinda will provide support to the Company's
international strategic clientele in customer support, logistics
and delivery." said Jie Han,
Chairman of the Board of Directors and Chief Executive Officer.
"Following China's One Belt, One
Road initiative, Dubai Xinda will supply advanced materials to
high-end functional components for applications in automobiles,
electronics, alternative energy, railroad, ships, and airplanes
with its 11.25 thousand metric tons annual capacity stationed in
our state of art, digital and automatic factory. I would like to
take this opportunity to thank our dedicated employees, loyal
customers, suppliers, partners and other supportive stakeholders
who made this happen. We are thrilled about this significant
achievement for China XD to pursue international business
opportunity at a whole new level."
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, develops, manufactures and sells polymer composites
materials, primarily for automotive applications. The Company's
products are used in the exterior and interior trim and in the
functional components of 31 automobile brands manufactured in
China, including without
limitation, Audi, Mercedes Benz,
BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei
and VW Passat, Golf, Jetta, etc. The Company's wholly-owned
research center is dedicated to the research and development of
polymer composites materials and benefits from its cooperation with
well-known scientists from prestigious universities in China. As of September
30, 2018, 476 of the Company's products have been certified
for use by one or more of the automobile manufacturers in
China. For more information,
please visit the Company's English website at
http://chinaxd.irpass.com/, and the Chinese website at
http://www.xdholding.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's growth
potential in international markets; the effectiveness and
profitability of the Company's product diversification strategy;
the impact of the Company's product mix shift to more advanced
products and related pricing policies; the effectiveness,
profitability, and the marketability of its the ongoing mix shift
to more advanced products; the prospects of the Company's
Dubai facility, and the associated
expansion into Middle East,
Europe and other parts of
Asia; the prospects of the
Company's Sichuan facility, and
its penetration into Southwest
China; the prospects of the Company's Harbin facility, and its penetration into
Northeast China; the Company's
projections of its revenues for performance in fiscal 2018.
These forward-looking statements can be identified by terminology
such as "will," "expect," "project," "anticipate," "forecast,"
"plan," "believe," "estimate" and similar statements.
Forward-looking statements involve inherent risks and uncertainties
and are based on current expectations, assumptions, estimates and
projections about the Company and the industry. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, the global
economic uncertainty which could further impair the automotive
industry and limit demand for our products; fluctuations in
automotive sales and production which could have a material adverse
effect on our results of operations and liquidity; our financial
performance which may be affected by the prospect of our
Dubai facility and the associated
expansion into Middle East,
Europe and other parts of
Asia; the withdrawal of
preferential government policies, the tightening control over the
Chinese automotive industry, automobile purchase restrictions
imposed in certain major cities which may limit market demand for
our products; the slowing of Chinese automotive industry's growth;
the concentration of our distributors, customers and suppliers; and
other risks detailed in the Company's filings with the Securities
and Exchange Commission and available on its website at
http://www.sec.gov. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or to changes in its expectations, except as may
be required by law. Although the Company believes that the
expectations expressed in these forward looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results.
View original
content:http://www.prnewswire.com/news-releases/specialty-chemical-company-china-xd-plastics-announces-the-commissioning-of-its-dubai-factory-300749144.html
SOURCE China XD Plastics Company Limited