Sumitomo Bakelite (Nantong) Co., Ltd. was established in 2007 as a phenolic resins plant in the Nantong Economic and Technological Development Zone. Since then, the plant has been expanded to include the second and third phases, and now produces phenolic resins as well as phenolic molding compounds, films and sheets and liquid epoxy resin. In recent years, in addition to increasing demand due to the electrification and weight reduction of automobiles, the use of renewable energy-related components has been increasing in order to achieve carbon neutrality, which China aims to achieve. In order to respond to the Chinese market, which is expected to expand further in the future, we have been constructing a new plant on the site of the current Nantong Plant since 2021 that has increased its production capacity by approximately 2 times (approximately 25,000 tons/year).

This time, the new plant was completed and on March 20, a ceremony was held for the completion of the plant, inviting Mr. Wang, deputy director of the Nantong Economic and Technological Development Zone Management Committee, government officials and construction personnel. The new plant is scheduled to begin mass production in June 2024, as it moves toward its official operation.

Sumitomo Bakelite (Nantong) Co., Ltd. was established in 2007 as a phenolic resin plant in this Nantong development area. Subsequently, in 2012, a phenolic molding compounds plant was constructed as the second phase of the construction. The decision to invest in this new plant was made in order to meet the demand of the Chinese automobile market in a timely manner through "Manufacturing China 2025" led by the Chinese government. I would like to express my deepest gratitude to all concerned for their assistance in completing the construction of this new plant and holding the completion ceremony today. We believe that making the most of this new plant will contribute to the further development of the Nantong Economic and Technical Development Zone.