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China's Hony Capital invests $100 million in Yaohua Glass

Post Time:Aug 03,2011Classify:Industry NewsView:65

Officials from China's private equity firm Hony Capital Ltd. saidAug. 3 thatthe companyhas invested $100 million in China Yaohua Glass Group Ltd. and secured a 60 percentstake in the Chinese glass maker, in its latest bid to gain access to the integration in China's glass manufacturing industry, according to a same-day Nasdaq report.

According to the report, China is working to control excess supply in the glass industry and is encouraging major players to consolidate by acquiring smaller, less competitive firms. Yaohua is planning to have 13 production lines for float glass, two lines for borosilicate glass and one line for aluminosilicate glass, with annual sales above CNY5 billion ($776 million) by the end of 2015, according to Nasdaq.

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Source: http://www.glassmagazine.com/news-item/commercial/chinas-hony-capital-invests-100-million-yaohua-glass-118585Author:

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