The board of Italian acrylic and polyester business Montefibre has given the go-ahead to a proposed 50/50 joint venture with Chinese chemical and fibres company Jilin Qifeng Chemical Fiber Co Ltd.

The China-based venture, to be called Jilin Jimont Acrylic Fibre, will produce acrylic fibres in Jilin City, northeastern China.

Jilin Jimont will have an anticipated yearly output of 150,000 tonnes.

Montefibre and Jilin Qifeng are expected to plough $150 million into the plant.