Teijin Ltd., based in Japan, has signed a partnership agreement with the China Chemical Fibers Association (CCFA) to pursue business opportunities in the fields of chemical fibers and related industries in that country. This is the first time the CCFA has entered into a comprehensive alliance with a foreign private business.
Under the basic agreement, collaborations between various Teijin group companies and major Chinese companies introduced by the CCFA will pursue a number of opportunities, including:
- Enhancing Chinese fiber products with added value, differentiation and greater production efficiency;
- Developing high-performance fibers and related applications;
- Nurturing unique businesses;
- Developing green solutions for greater sustainability; and
- Establishing a closed-loop recycling system.
Teijin has already reached an agreement to set up a closed-loop system for recycling polyester with Zhejiang Jiabao New Fiber Group Co. Ltd., based in Shaoxing, China. The system will be created by using Teijin's chemical recycling technology and business expertise cultivated through the global expansion of its Eco Circle closed-loop recycling system.
“As we celebrate the 40th anniversary of normalized diplomatic ties between Japan and China, we are particularly pleased to pursue mutual growth opportunities with the CCFA and its member companies,” Shigeo Ohyagi, Teijin Ltd. president and CEO, says. “We hope to apply our technologies and expertise toward solutions for energy savings and environmental preservation in the chemical fiber industry, a strategic industry in China's 12th five-year plan.”