China XD Plastics Seals Investment Deals

Shares of China XD Plastics were over 1% higher Friday morning after the company said one of its subsidiaries sealed investment agreements with the management committee of the Harbin economic zone in China for an industrial project related to biological composite materials, and 3D printing facilities.

Specifically, the project is for developing 300,000 metric tons of biological composite materials, upgrading existing equipment for 100,000 metric tons of engineering plastics, developing a 3D printing intelligent manufacture demonstration facility and a 3D printing display and experience cloud factory. The company estimates its total capital expenditures for the project at RMB4.15 billion ($614 million) and will develop 120,000 metric tons of capacity for petroleum-based materials, 300,000 metric tons of capacity for biological composite materials and 10,100 metric tons for additive manufacturing used composite materials.