Changhai to Acquire 30% Tianma Group Equity at a Cost of $7.8 Million USD

july 16 2012

Changhai plans to inject $7.8 million USD into Changzhou Tianma Group to obtain 30% Tianma stakes. Tianma has a registered capital of $5 millions USD. The main products are glass fibers and the chemical raw materials needed for the production. Since the second half of 2007, Tianma made a series of major investments. This caused the shortage in cash flows and brought enormous pressure on its operation. Changhai and Tianma both are in fiberglass products industry, and located in the same area. This acquisition will expand the scale of the company, increase product variety, improve product structure, optimize the allocation of resources, give full play to the synergies, and will integrate customer channels.

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