Tingyi to Invest in Chinese Facilities

Tingyi Holding Corporation will invest nearly $500m to upgrade its Chinese factories with advanced technology and increase output.

The company said $300m of the earmarked investment will be spent on the beverage segment.

China’s demand for drinks such as soda and bottled water will grow 9.8% to 60.4 billion litres this year, according to market research company Euromonitor.

Tingyi’s 2009 profit rose 47% to $383.2m from $260.4m a year earlier.