Wholly owned by China's fiberglass rock group, its overseas expansion strategy can be described as imminent. China Fiberglass disclosed today, Jushi Group Co., Ltd. subsidiary to be established in Egypt rock fiberglass Co., Ltd., and an annual output of 80,000 tons of glass fiber direct-melt production line. Rock the registered capital of Egypt 267 million, total investment $ 223 million.
Announcements, Booster cable China Fiberglass planned in Egypt and other emerging market countries building glass production line, in order to accelerate the construction of global industrial distribution, to avoid protectionism in international trade. After a full investigation and feasibility studies, site visits and comparative analysis of Chinese glass that Egypt in the political environment, economic environment, Extension cord resources and so have the advantage, for investment in factories. Therefore, the rock group Suez in Egypt to be the establishment of economic and trade cooperation zone in Egypt rock, and an annual output of 80,000 tons non-alkali glass fiber direct-melt production line.power strip Project is scheduled to begin construction during 2011, a 15-month construction period. After the completion of the project is expected, the annual sales income of 554 million yuan, total profit of 202 million yuan.
China Fiberglass, said the project is completed, will further improve the global industrial distribution, to effectivelyElectronic Mosquito-Killer alleviate the anti-dumping impact to the company, and full use of foreign policy and resources to enhance its international influence. As the world's leading glass manufacturer, China has established a rock glass, South Africa, France, Italy, Canada, Spain, Germany extension socket India, more than 10 overseas production and trading company, global sales and distribution network, but the glass in the overseas expansion of Chinese while also facing the foreign anti-dumping on the company exports. Earlier this year, the European Union, Turkey and India on anti-dumping investigation of China's fiberglass products for a final ruling, the EU announced on the part of China glass fiber export enterprises involved in export-related impose anti-dumping duty of 13.8%, Turkish exports to China involved in a glass fiber impose 23.75% anti-dumping duty.
China Fiberglass also disclosed, as a supplement working capital, reduce financing costs, rock group to be issued in 2011 and 2014 short-term financing bonds, the total issue amount not exceeding $ 1.4 billion. Interest rate based on "inter-bank bond market non-financial corporate debt financing instruments management approach" to determine the market. In addition, the rock group intends to acquire its U.S. products through exclusive agents GIBSON company's sole shareholder FaithrichEnterprisesLimited (letter-rich enterprises) to achieve 100% stake in the company's control of the United States GIBSON, proposed $ 18 million purchase price.