Rohm & Haas Co. says it will spend about $10 million to build an acrylic emulsion plant in Vietnam, with plans to complete the site by the middle of next year.
The specialty-chemical company, which is headquartered in Philadelphia and has operations in Spring House, Croyden and Bristol, already has 12 plants in the Asia-Pacific region and 34 plants worldwide.
The new facility in Nhon Trach city will specialize in house paints, both for interior and exterior use.
Company spokeswoman Laura Hadden said this morning that this is a fast-growing market.
The company said in a release that it had been exporting products to Vietnam for more than 12 years.
"However, demand continues to grow, and is now expected to grow at 15 percent per year for the next 10 years," Bruce Hoechner, vice president and Asia-Pacific regional director for the $2 billion paint and coatings materials business, said in the release. "We simply must build a plant here now in order to serve the growing needs of our customers."
The plant will be constructed within the Nhon Trach 3 Industrial Park, about 20 miles from Ho Chi Minh City, in the southern region of the country.
Within the last six months, Rohm and Haas has commissioned new plants in China and India, and expanded a facility in India. The company is also building or expanding plants in Russia, Turkey and Mexico.
Company shares were trading this morning at $52.95 on the New York Stock Exchange, up $0.17 from Friday's close.