CPIC AN AMIANTIT INVESTMENT IN CHINA IS AWARDED “EXCELLENT COOPERATION SUPPLIER” FOR 2004

Dammam, February 2005 - General Electric (GE) awarded Chongqing Polycomp International (CPIC), a 650 million yuan (80 million U.S. dollars) joint venture between Saudi Arabian Amiantit Group of Companies the United States and China the "2004 Excellent Cooperation Supplier" Award.

It is noteworthy to add that CPIC is one of the largest fiberglass production lines in China, with an annual capacity of 108,000 tons. The company is also planning to set up a fiberglass industrial park with an additional production capacity of 100,000 tons a year by 2007, and make it one of the top ten fiberglass makers in Asia.

Fiberglass products are widely used in pipeline, auto parts, integrated circuits and defense industry. The global output of fiberglass is estimated at 2.8 million tons and the demand is growing at an annual rate of 6-8 percent worldwide.

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