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Bankruptcy Acquisitions Have Appeared One After Another, Why Is The Reshuffle Of The Polyester Industry Intensifying?

Jul 09, 2018

In 2017, expansion became a hot topic in the polyester industry, and the acquisition of bankrupt companies was only one of the expansion models of various polyester companies. In this model, Hengyi Group is clearly a typical representative.

In 2017, Hengyi Group made three large-scale acquisitions, which included Longteng, Hongjian and Minghui, and three acquisitions were restarted in a short time. Through these three acquisitions, Hengyi Group's annual production capacity of polyester has increased significantly, from 2.6 million tons to 4.8 million tons, and the production capacity of polyester filaments has rapidly increased to 1.65 million tons per year, showing a clear scale advantage.


While the Hengyi Group is resolutely demonstrating “Hengyi Speed”, other companies in the polyester industry are not idle. Through the construction of differentiated fiber projects to expand production capacity, improve product quality and comprehensive competitiveness of enterprises, it has become the expansion mode of Tongkun Group, Tiansheng Group, Xinfengming Group and Baihong Group.


2017 is the year with the largest number of construction projects and the largest total investment since the construction of Tongkun Group. The total investment of the project construction exceeds 6.5 billion yuan. It is expected that by the end of 2019, Tongkun Group will form an annual production capacity of 6 million tons of polyester filament.


In order to strengthen the scale advantage in the field of differentiated fibers, Xinfeng Ming, which just entered the capital market in 2017, announced in September that it intends to acquire the shareholders of Tongxiang Zhongchi Chemical Fiber Co., Ltd. (hereinafter referred to as “Zhongchi Chemical Fiber”). 25% equity of Zhongchi Chemical Fiber Co., Ltd. held by Juli Industrial Investment Co., Ltd. Zhongchi Chemical Fiber mainly produces and sells differentiated fibers. After the transaction is completed, Xinfengming will hold 100% equity of Zhongchi Chemical Fiber.


At present, Xinfengming's annual production capacity of polyester filament is about 2.7 million tons. Before the end of this year, the project of the Group's Zhongshi Phase II annual output of 600,000 tons and Zhongxin Phase II with an annual output of 280,000 tons is expected to be put into production. The production capacity of filaments is expected to increase by 880,000 tons. By then, the company's annual production capacity of polyester filament will increase to 3.58 million tons.


The Tiansheng Group, which has been working quietly before, also began to work in 2017. The group not only acquired Southern Petrochemical for nearly 700 million yuan, but also its Tiansheng Chemical Fiber Phase II annual output of 500,000 tons of differentiated fiber project also entered the stage of equipment installation and commissioning. The project adopts fully automated production with a total investment of 2 billion yuan. It is expected to open 6 production lines at the end of April this year. After the completion of the project, Tiansheng Group will form an annual production capacity of 900,000 tons of differentiated polyester fiber, and it is estimated that the sales income will reach 8 billion yuan.


Baihong Group is not far behind. In April 2017, its subsidiary, Baihong Industrial, announced the expansion of its production of approximately US$222 million in polyester filament yarn, which is expected to increase its annual production capacity by approximately 220,000 tons. In September 2017, its Phase III project of differentiated fiber with an annual output of 330,000 tons was settled in Longhu Town, Quanzhou, Fujian. The total investment of the project is 2.5 billion yuan and is expected to be put into production in June this year.


In the increasingly fierce market competition, enterprises can only gain a place if they are constantly strong. From this perspective, the positive layout of the companies is like a silent battle. Although there is no scene of mutual killing, it has quietly changed the competitive landscape of the polyester industry in the silent contest.


Market sentiment is clearly picking up


The positive expansion of enterprises and the good prosperity of the entire industry are obviously inseparable. In 2017, under the background of increasingly stringent environmental protection policies in China, as well as the intensification of international trade friction and the anti-dumping of China's polyester-related products, the overall prosperity of China's polyester market has continued to rise, showing the volume and price. The gratifying situation of the rise, the profitability of related products in the polyester industry has significantly improved.


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