Nanjing, China – Hongbaoli announced in November it has signed agreement to acquire a 12% stake in TPU film maker Xionglin New Material Technology. The initial price was set at CNY85m ($12m).
Based in Dongguan, Guangdong, Xionglin New Material was set up in 2009 and claims to be China’s largest TPU film maker in production volume, product portfolio and market share.
Xionglin’s 42 production lines produce more than 7 kT/year film in over 40 product types, such as low-melting, high-bonding hot melt adhesive film, highly breathable waterproof film and non-yellowing antimicrobial and antifungal film.
Such products are used in sectors covering apparel, footwear, healthcare, electronics, automotive and construction. Last year Xionglin had CNY 292m revenue, making in CNY 54m net profit.
Exchange Rates: Xe.com 5 December 2016.