The hydrocarbon resin plant will be constructed at the two companies’ existing JV’s manufacturing site located in Nanjing.

The hydrocarbon resin facility is expected to produce around 50,000 metric tons of Eastman’s Adhesives and Plasticizers segment’s Regalite hydrocarbon resins and increase the company’s total capacity for hydrogenated resins by 50%.

Eastman executive vice president Ron Lindsay said the company is committed to growing its hydrogenated resins product line and this joint venture positions us to serve the fast expanding market in Asia.

"This new facility reinforces our dedication to growing with our customers and to meeting demand in China and all of Asia," Lindsay added.

Eastman international ventures senior vice president Michael Chung said the two companies have a strong existing resin production relationship.

"This venture is mutually beneficial and globalizes our Regalite™ product line," Chung added.

The facility is expected to be operational by the end of 2014.

The Regalite hydrogenated hydrocarbon resins are used in a wide variety of hot melt adhesives, polymer compounds and plastic modifications and can be formulated with a wide range of polymers.

US based Eastman Chemical Company is a chemical company which engages in the manufacturing and sale of chemicals, fibers, and plastics.

Sinopec Yangzi Petrochemical Company, a wholly-owned subsidiary under China Petroleum & Chemical Corporation, refines crude oil, produces and markets hydrocarbon derivatives.