Purolite (China) Co. Ltd./Hangzhou Purolite Zhengguang Limited

MIGA issued $18.0 million in guarantees to Purolite International Limited of the United Kingdom for its $15.7 million equity investment in the modernization and expansion of an ion exchange resin manufacturing facility in Hangzhou Province. MIGA insurance covers the investment against the risks of expropriation, transfer restriction, and war and civil disturbance.

The project enterprise, Purolite (China) Company Limited, produces ion exchange resin, chloromethyl ether, formaldehyde, and dye materials to treat water and process foodstuffs. The power industry uses ion exchange resins to soften and demineralize water. Seventy percent of the output will be sold in China, satisfying about a quarter of the annual local demand for ion exchange products. The remainder will be exported to other Asian countries and is to generate more than $10 million in annual export earnings for China. Approximately 300 local employees will be hired to operate the facility.