MILAN, Jan. 8 (Class Editori) -- The Vicenza-based chemical group SICIT will soon open a production plant in China, the first of the company to be based outside the Italian borders. The building site started at the end of 2019.
During the last days, the top management of the company, led by the CEO Massimo Neresini, met an important political and economic Chinese representation in order to update the project. The latter included Jin Xiangjun, Deputy Mayor of Tianjin Municipal People's Government, Zeng Yan, Director of the Tianjin International Trade & Shipping Service Center, and Song Honghai, chairman of Tianjin Weijie Pharmaceutical, who will be the minority shareholder of SICIT in the newco that will run the Chinese initiative.
Activities for the implementation of the project started at the end of 2019 but have been slowed down by the health crisis. However, SICIT and its Chinese counterparts are making every effort in order to reach the goal and try to follow the new timeline, unless further restrictive measures are adopted by the authorities.
The new production plant is aimed at promoting the commercial expansion both in China and in the Asia-Pacific area. A protein hydrolysate of animal origin finishing plant will be built in Tianjin, in southeast from Beijing, in the local Free Trade Zone. The protein hydrolysate will be imported from Italy in a concentrated form in order to obtain onsite the range of biostimulants and plaster retardants to sell on Asian markets.
The country represents a strategic market, especially for the biostimulants for agriculture. Today SICIT, which is already working in the retardants and biostimulants business, is reaching China through client multinationals of the agricultural field and of the crop protection, but it aims to significantly increase its turnover in all the APAC area with this new investment.
"2020 marked the 50th anniversary of the establishment of diplomatic relations between China and Italy. By considering it as a new starting point, the strategic global China-Italy partnership will reach a new level," the vice-mayor of the Tianjin Municipal People's Government Jin Xiangjun highlighted, "Tianjin is a cornerstone of deepened economic and commercial cooperation between China and Italy. In fact, the municipal government established the Italian Industrial Park for SMEs in Tianjin's Free Trade Zone located in the port in order to foster a comprehensive cooperation between China and Italy for industrial development, international trade, scientific and technological innovation and for other fields".
Meanwhile, the green business of the Group is growing rapidly. During last year's first nine months, revenues increased by 11% to 48.2 million euros, with an EBITDA of 18.6 million, growing by 16% and reaching a net result of 11.4 million (+22%).
"Data tell us that the building industry and consequently our retardants for plaster are affected by the impact of Coronavirus, but the decrease is more than balanced out by our main business area which concerns biostimulants for agriculture and is still recording sound growing trends," Neresini explained. "The other two areas, concerning animal fat for biofuels production and collection services of leather tanning wastes, fully recovered from the decreases previously recorded. SICIT's resilience is also confirmed by an earnings growth in almost every geographical area," the manager concluded. (All rights reserved)
(Source:Class Editori)
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