- Plastics company Victrex said it had formed a joint-venture with Yingkou Xingfu Chemical Company to build a polymer factory in Liaoning, China.

Victrex would have a 75% share of the facility and contribute £32m, comprising around £28m of capital expenditure and £4m of start-up costs.

Commissioning of the factory, capable of producing up to 1,500 tonnes of product a year, was anticipated in early 2022, subject to conditions, including finalising land purchase and permit applications.

Chief executive Jakob Sigurdsson said the investment would differentiate the company's range of plastic grades.

It would also set the stage, he added, for specific geographic growth, whereby Victrex could can capitalise on significant opportunities in China and the Asia Pacific region by having a manufacturing presence there.

'Overall, we believe this is a good entry point to a China manufacturing operation, working with an established partner and offering an attractive returns profile,' Sigurdsson said.

At 1:10pm: [LON:VCT] Victrex PLC share price was -6p at 2468p

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