THE HAGUE - The world's largest paint maker AkzoNobel on Friday announced an investment of 45 million euros ($61million) in a new factory in Ningbo, China.

According to AkzoNobel, the investment in a new Dicumyl Peroxide (DCP) plant "meets a growing local, regional and global demand."

DCP is used to produce shoe soles, cable insulation, and construction insulation.

"The demand for our products is rapidly growing and by expanding and improving our facilities we will continue to meet our customers' needs in China and around the world," said Rob Frohn, executive committee member of AkzoNobel.

The new plant is expected to be completed by mid-2014. The total investment in the AkzoNobel's Ningbo site to date has reached nearly 370 million euros.

AkzoNobel currently employs over 6,700 people in China, and reported a total revenue of 1.3 billion euros ($1.76 billion ) in 2010.

The company aims to achieve a revenue of $3 billion in China by 2015.