Keyuan Petrochemicals Signs R&D Agreement With Ningbo Institute of Technology
Keyuan Petrochemicals (NASDAQ:KEYP) said Tuesday it will team up with the Ningbo Institute of Technology to develop the use of K-resin polymer in synthetic rubber products.
Because of its flexibility and durability, K-resin is often used in packaging and plastic products such as medical instruments and toys.
"With dozens of products using K-resin today, we see an opportunity to expand our technology and product portfolios," said CEO of Keyuan, Chunfeng Tao.
The rights to products and technologies developed during the two-year partnership will be shared by Keyuan and Ningbo Institute, which is an affiliate of Zhejiang University.
Keyuan Petrochemicals, based in Ningbo, China, is a manufacturer and supplier of various petrochemical products. As of December 31, 2009, the company's annual manufacturing capacity was 0.55 million metric tons.
The company said it plans to expand its manufacturing capacity to include additional storage capacity, a raw material pre-treatment facility, and an asphalt production facility.
As of 10:54 am EST, Keyuan's shares are up almost 1% to trade at $5.18.
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