US Company Buys Shanxi State-owned Enterprise

Home>>Business

Last updated at: (Beijing Time) Sunday, December 15, 2002

US Company Buys Shanxi State-owned Enterprise

A state-owned company in northern China's Shanxi province has been entirely bought by foreign capital.

DISCUSSION

CHINESE

SEND TO FRIEND

A state-owned company in northern China's Shanxi province has been entirely bought by foreign capital.

Anping Kaolin Co., Ltd, a key kaolin producer in China, is the province's first foreign-funded company spawned by a state-owned enterprise after being bought by the US-based Engelhard Corporation.

Engelhard, a mineral and chemical firm, spent 100 million yuan on fully controlling Anping Kaolin, located at Shuozhou city around which ample high-quality kaolin resources are found.

Kaolin mineral products, used to produce, nylon, rubber, plastic, pottery and electrical wires, are expected to sell well in the future.

Anping Kaolin attracted a 100 million yuan investment and had an annual output capacity of 18,500 tons when it was established in August 2000.

To enlarge its size and improve efficiency, the company was eager to acquire advanced technologies and more capital, which thelocal finance market couldn't afford.

From Nov. 2001 to Sept. 2002, Engelhard authorized Engelhard Asia, one of its subsidiaries, to negotiate to buy Anping Kaolin.

According to the agreement they reached, the newly-set up company valid for 50 years will possess an annual capacity of 30,000 tons in three years.

"The new company will use advanced and special technology to offer products to international quality standards," said Steve Lux,the vice president of Engelhard.

Questions?Comments? Click here

China's SOEs to be Less but Better: Li Rongrong

State-owned Enterprises Study Party Guidelines

China to Push SOE Reform with Bolder Measures

Top Planner on Main Economic Tasks for 1st 20 Years in New Century ( 16 Messages)

Archaeologists Revise Age of China's Civilization ( 9 Messages)

Chinese Economy to Enjoy Bright Future ( 13 Messages)

Nanjing Marks 65th Anniversary of Japanese Massacre ( 2 Messages)

China Hopes for Constructive US Role in Reunification: Jiang ( 8 Messages)

China Issues White Paper on National Defense ( 20 Messages)