MD Holding Corp. has officially changed the company's name to Guanwei Recycling Corp. The company also noted that following the completion of a reverse merger, Guanwei Recycling is China's largest manufacturer of recyclable Low Density Polyethylene. It has generated rapid growth producing LDPE from plastic waste procured in Europe which it recycles into recyclable LDPE for sales to more than 200 manufacturers in more than ten industries in China.
"Our focus on being environmentally friendly is good for the environment and good for our business," said Chen Min, chairman and CEO of Guanwei.
Chen added that Guanwei is one of the few plastics manufacturers licensed in China that also has obtained the certificate issued by the German Environment Auditing Association. "Our advantage is that we procure high quality plastic waste directly from Germany and other European countries, with no middlemen, which enhances our bottom line and permits economic production of the highest grades of LDPE."
Despite economic problems that affected the global plastics business, the company sees strong growth for the company. Chen noted that China consumed more than 50 million tons of plastic in 2008, which exceeded plastics production capacity of 20 million tons. Additionally, 24 percent of the plastic consumed within the country was produced by recycled plastic.
Among the key industries served by the LDPE produced by Guanwei is the building and construction industry, where there has been an ongoing governmental push to promote the use of plastic in a variety of products, such as water and sewage pipelines.