SHANGHAI, Jul. 12 (SMM) –Shandong Hongqiao New Materials Co., fully-owned subsidiary of China Hongqiao Group, will further strength its parent’s aluminum integrated business by acquisition of a local aluminum 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 aluminum processor headquartered in Binzhou, went through a major asset restructure in 2015 by disposing loss-making aluminum foil business, and changed its main business scope from manufacture of aluminum plates & strips and aluminum foils to high-precision aluminum plates & strips.
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