Fujian Green Pine plans to fully acquire Zhangjiagang Asia Chemical

Fujian Green Pine (300132), a producer of turpentine products, plans to fully acquire Zhangjiagang Asia Chemical, reports Shanghai Securities News, citing a company filing.
 
The acquisition will help Green Pine to lower the production cost of camphor sulfonic acid and to expand in overseas markets.
 
Zhangjiagang Asia has a registered capital of 39.45 million yuan, of which its parent, Tong Jie, contributed 27.62 million yuan for a 70 percent stake.
 
Zhangjiagang Asia reported 2010 revenue of 93.67 million yuan while net profit hit 22.96 million yuan. It is the largest camphor sulfonic acid supplier in China and has a 65 percent domestic market share.