TSRC Corporation to Set up NBR Plant in China

Taipei, March 29, 2010 (CENS)--TSRC Corporation, Taiwan's leading manufacturer of synthetic rubber, will challenge rival Nantex Industry Co. by setting up a NBR (acrylonitrile butadiene rubber) plant in China, via building a subsidiary temporarily named TSRC NBR Co. in Nantong, Jiangsu province, China through its affiliated Polybus Corporation Pte., with registered capital of US$24.8 million.

TSRC's setting up the NBR plant in China will benefit downstream manufacturers of oil seals, bushes, and oil-resistant soft rubber pipes due to offering increased procurement options.

The board of directors of TSRC will distribute US$65.58 million in dividends, or US$0.1 per share, with such distribution to be discussed at the company's general stockholders meeting on June 15.

TSRC registered US$73.56 million in after-tax earnings on combined sales of NT$22.112 billion last year. Based on the capitalization of US$205.01 million, the company registered US$0.11 in after-tax earnings per share last year.

With the acquisition of NBR technologies from B.F. Goodrich, Nantex has successfully developed many innovative products that are sold to the U.S., Japan, South Korea, Southeast Asia, South Asia, Australia and China.

Zhenjiang Nantex Chemical Co. in Zhenjiang of Jiangsu province, China, a subsidiary of Nantex Group, has been mass producing NBR since 2003, with the maker being the world's leading manufacturer of NBR.