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China Hongqiao further strengthens aluminium integrated business by acquisition
Market13/Jul/2016Shanghai Metals MarketShandong Hongqiao New Materials Co., fully-owned subsidiary of China Hongqiao Group, will further strength its parent’s aluminium integrated business by acquisition of a local aluminium processor.
Shandong Hongqiao New Materials Co. and Loften Environmental Technology Co. recently signed M&A agreement, making it the biggest acquisition ever in the history of Binzhou, Shandong, local media reported.
Loften Environmental Technology, an aluminium processor headquartered in Binzhou, went through a major asset restructure in 2015 by disposing loss-making aluminium foil business, and changed its main business scope from manufacture of aluminium plates & strips and aluminium foils to high-precision aluminium plates & strips.
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