August 15, 2024 – On the morning of August 8th, Shaoguan Hongfu New Material Technology Co., Ltd. held a grand project commencement ceremony at the Urban-Rural Integration Industrial Park in Wujiang District. This event marked the official start of the project implementation phase, following nearly three months of intense preparation since the signing of the contract on May 9th.
During the commencement ceremony, Hongfu New Material Technology Co., Ltd. showcased its ambitious plans. It is reported that the company has purchased 100 acres of land in the industrial park, where it plans to establish 24 production lines, including 12 lines for the production of new materials textiles using composite process functional production and 12 supporting functional (woven) filament production lines. These lines will focus on the production of new environmentally friendly plastic woven bags and modified recycled plastic granules, covering products such as non-woven fabrics, square bottom valve bags, and ton bags.
According to the Color Masterbatch Industry Network, the total estimated investment for this project will reach 200 million yuan. Once completed and operational, its annual production capacity is expected to be 50,000 tons of new environmentally friendly plastic woven bags and 50,000 tons of modified recycled plastic (polypropylene, polyethylene) granules. The estimated annual output value is expected to be between 300 and 400 million yuan, while potentially contributing approximately 20 million yuan in taxes to the local finances. Additionally, the project is anticipated to directly provide over 500 jobs and indirectly employ 700-900 people, which is significant for promoting social employment and driving rapid economic and social development in the surrounding areas of the project.