China Technology Development Group Acquires Solar Assets of Soyin, New Joint Venture Planned.
China Technology Development Group Corporation today announced the proposed acquisition of all solar energy assets and business of Shenzhen Soyin Electrical Appliance Industrial Co. Ltd.
China Technology expects to contribute US$5.8 million in cash consideration to a new joint venture, Shenzhen Shengguang New Energy Technology Co., Ltd., pursuant to the joint venture agreement the two companies signed on September 14.
China Technology will be the largest shareholder of the joint venture company, with a 49% ownership interest. All of Soyin's existing solar energy business will be solely operated by the JV company upon completion of its establishment. In addition, the board of directors of the new company will consist of five directors, three of whom will be appointed by China Technology.
Founded in 1998, Soyin is a leading photovoltaic (PV) application product provider in China. Soyin's major customers are from overseas, including Atico (one of the largest trading companies in U.S.), Test Rite Group (top three trading companies in Taiwan) and Axone (atop trading company in France).
For more information, visit www.chinactdc.com.
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|Date:||Sep 17, 2007|
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