Germany's BASF, Japan's Toray to invest 40 mln usd in Malaysian plant

Germany's BASF, Japan's Toray to invest 40 mln usd in Malaysian plant

KUALA LUMPUR (AFX-ASIA) - BASF AG of Germany and Toray Industries Inc of Japan will invest 40 mln usd to set up a polybutylene terephthalate base resin plant in Kuantan, Pahang, The Edge Financial Daily quoted the companies as saying.

The two companies will form a 50:50 joint-venture Toray BASF PBT Resin Sdn Bhd to build and operate the plant, with capacity of 60,000 ton, at BASF's Verbund site in Kuantan, the report said. Construction will start in the middle of this year and the plant is due to come on stream in early 2006, it added.