China Synthetic Rubber Corp (CSRC, 中橡), the world’s fifth-largest carbon black supplier, renamed itself International CSRC Investment Holdings Co Ltd (國際中橡投資控股) since October 1,as the 45-year-old company considers transforming into a holding firm.
To improve the company’s operating efficiency and raise its competitiveness, the company has decided spinned off its carbon black and biotech units from May 2018.
CSRC, a major subsidiary of the nation’s largest cement maker, Taiwan Cement Corp (台灣水泥), said the existing shareholders’ interests would not be affected by the restructuring.
In a separate filing, the company said the board gave the nod to raising capital through the issuance of 180 million new shares in the near term to fund investments in India and the US.
CSRC said it plans to inject US$155 million into Continental Carbon India Ltd, which would be used to expand manufacturing capacity of carbon black at the unit’s plants in India’s Gujarat State.
As for the US investment, CSRC proposed a capital injection of US$52 million to Continental Carbon Co, headquartered in Houston, Texas, to replenish its operating capital, the filing showed.
The firm operates plants in the US, China and India, with a combined capacity of about 790,000 tonnes of carbon black per year, company data showed.
In the first eight months of this year, the company’s cumulative revenue grew over 20 percent to 3.62 billion Yuanfrom compared to the same period of 2017.
