09 September 2009 14:40 [Source: ICIS news]
LONDON (ICIS news)--China’s Gulf Resources has bought bromine and crude salt production facilities for $21.3m (€14.7m), the specialty chemicals company said on Wednesday.
Gulf’s subsidiary Shouguang City Haoyuan Chemical Company (SCHC) signed an agreement with the owners of the facilities - three Chinese citizens - to buy assets including buildings and equipment, the company said in a statement.
The company paid around $16.4m in cash and will issue 4.2m common stock shares worth close to $4.9m for the assets, it said.
Gulf hopes to start production at the site in November 2009 and estimates it will add 4,000 tonnes/year of bromine and 150,000 tonnes/year of crude salt to its current capacities.
($1 = €0.69)
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