China National Non-Metallic Minerals Industry Corporation (Group) (now China National Materials Group or Sinoma Group) signed a cooperation agreement with Zibo National New & Hi-tech Industrial Development Zone`s Management Committee (Zibo Hi-tech Zone) in October 2003.
Sinoma Jinjing Fiberglass Co., Ltd. (hereinafter referred to as “Sinomaâ€),Website:http://www.sinomajinjingfiberglass.com, founded on January 18, 2004, with registered capital of RMB 200 million, is established jointly by Sinoma Fiberglass and Xu Ri new materials Co., Ltd. with contributive capital of 51% and 49% equity respectively.
On May 23, 2004, we made investment for construction of an alkali-free glass fiber wiredrawing production line (#2 kiln) with annual output of 36 thousand tons in our own Eastern Factory.
On September 18, 2004, we made investment for construction of glass fiber products Industrial Park, which covers an area of 320 acres, with annual output of 70 million square meters of fiberglass tissue production line in our own Western Factory.
Sinoma Jinjing Co. Ltd. completed the acquisition of 340 acres of land as well as related to the estates in January, 2005.
The project of annual output of 36 thousand tons of alkali-free glass fiber wiredrawing production line completed, and was put into operation on June 18, 2005; After the completion of the project,the company's annual output production scale achieve 52 thousand tons.
The project of annual output of 70 million square meters of fiberglass tissue production line completed, and was put into operation on September 21, 2005.
Sinoma Jinjing Co. Ltd. signed a joint venture agreement with PPG Industries, Inc. (NYSE: PPG) on October 28, 2005.
The agreement only covers Sinoma Jinjing`s Eastern Factory`s business and related assets.
