BEFUT International Co., Ltd. a developer, manufacturer and distributor of wire and cable products in China, has apprised that it has been selected as an anchor client in the Puwan New Area development zone, where it will build a new facility to develop carbon fiber composite materials. Puwan New Area, a 1045.6-kilometer economic zone, was created for the purpose of fostering research and development projects and to serve as a headquarters for technology innovation within China. The economic zone is located near the major port of Dalian. In a highly competitive process, the government selected BEFUT as one of its anchor tenants and is considered one of the ten key projects within the area.
Mr. Hongbao Cao, Chairman and CEO, commented, "We are pleased to enter this agreement with the Puwan New Area government and to situate development of our carbon fiber composite material project within this economic zone. The carbon fiber project will occupy a 300,000 square meter facility and ultimately we believe this facility will be able to produce 100,000 kilometers per year of high-pressure carbon fiber composite wire. This would equate to over $1.5 billion US (10.3 billion RMB) per year, once this facility is operating at full capacity."
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