Itochu Corp., based in Tokyo, and two of its wholly owned subsidiaries, Itochu China Holding Co. Ltd. and Itochu Metals Corp., have established a recycling operation at the Dalian Changxing Island Harbor Industrial zone in China. Groundbreaking on the facility occurred Dec. 24, 2010.
The company will invest around $24.5 million on the project. Itochu forecasts revenue at the facility to reach $245 million by 2014.
The new operation, called Dalian New Green Recycle & Resources Corp., will process both ferrous and nonferrous scrap, consumer electronics, home appliances and plastics. The facility will be located at the Dalian Changxing Island Harbor Industrial Zone in China.
Suzuki Shokai, a Japanese recycling company, will be in charge of operation of the steel and non-ferrous scrap side of the business.
A press release from Itochu says that Dalian New Green is the only recycling company licensed by the Chinese government at the Dalian Changxing Island Harbor Industrial Zone.
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