On June 26, 2018, Chongqing International Composite Materials Co., Ltd. and Owens Corning officially signed a strategic cooperation agreement in Chongqing Changshou. The two parties will use their respective advantages in technology, management and production operations to jointly invest in a new high-modulus glass fiber production line in Chongqing to help both parties meet the growing demand in the wind power market. It is reported that the global market demand for high modulus glass fiber products is expected to continue to grow in the next few years. Because such high-performance fiberglass products can be used to produce longer, stronger, and lighter wind turbine blades, this is critical to enhancing the competitiveness of the wind energy industry and extending the life of composite materials to support new energy applications. The cooperation focuses on the Chinese domestic market, because the Chinese market is both the largest market for wind power in the world and the most suitable place for large-scale production capacity investment. While working together to improve the quality and efficiency of the production operations, the two parties will continue to operate in the market as two independent business entities, including continuing to provide products to their respective customers through their respective commercial channels.
