Wanhua Industrial turns gaze to Europe
By Wang Ying | China Daily | Updated: 2011-02-11 07:46
Hungarian purchase will help consolidate its global position
SHANGHAI - Wanhua Industrial Group Co Ltd consolidated its global footprint by purchasing a 96 percent stake in the Hungarian isocyanate producer BorsodChem Zrt, according to an announcement on Thursday by Shanghai-listed Yantai Wanhua Polyurethanes Co Ltd, a wholly owned subsidiary of Wanhua Industrial.
In a notice filed with the Shanghai Stock Exchange, Yantai Wanhua said the acquisition was worth 1.26 billion euros ($1.72 billion). It is the largest investment a Chinese company has made in Hungary, underscoring Wanhua Industrial's determination to become a global leader in the industry.
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