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The Yangkou Port Economic Development Zone in Rudong county -- administered by Nantong city in East China's Jiangsu province -- on Feb 8 signed a 1.2 billion-yuan ($185 million) contract with Meigao Microsphere (Nantong) Technology Co Ltd, local media reported.

Meigao is an advanced materials company and one of its main products is electrophoretic emulsion and color paste for waterborne epoxy resin modified polyurethane of automobiles, auto parts and industrial metal coatings.

Under the terms of the contract, the company will build an advanced materials plant at the Yangkou Port Economic Development Zone, with expected annual output of 60,000 tons of waterborne emulsion, 30,000 tons of resin, 60,000 tons of paint and 150 tons of emulsion microsphere carriers.

The project will reportedly generate 120 billion yuan of tax revenue when it is fully operational.