Ningbo Changhong Polymer Scientific and Technical (SHA:605008) plans to establish a polymer plant in Shaoxing City, Zhejiang Province, China for 630 million yuan, according to a Shanghai Stock Exchange disclosure on Thursday.

The factory will produce 50,000 tons of high-end fiber elastomer new materials and 100,000 tons of polybutylene adipate terephthalate or PBAT black masterbatch devices every year.

The project will be built within 18 months.

The Chinese polymer material manufacturer signed an agreement with the local government of the municipality of Shengzhou for the project to push through, the disclosure said.