Continental Carbon to expand in India, US
China Synthetic Rubber Corp., a Taiwan-based supplier of carbon black, said it plans to pump a bit more than $200 million into its operations in India and the U.S. to increase production.
The company said in a filing earlier in June that it will be raising capital through the issuance of 180 million new shares in the near term to fund investments in the two countries.
CSRC is planning to inject $155 million into Continental Carbon India Ltd. to expand manufacturing capacity at its production unit in Gujarat.
As for the U.S. investment, CSRC has proposed a capital injection of $52 million to Continental Carbon Co., headquartered in Houston, to replenish its operating capital.
In a separate report, CSRC also signaled plans to spin off its carbon black and biotech operations to improve efficiency. CSRC claims to be the world's fifth-largest carbon black supplier.
The company said it would remain listed on the local exchange after the move and would rename itself International CSRC Investment Holdings Co. Ltd.
The planned spin-off is scheduled to take effect on Sept 30.
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