Gushan Environmental Energy Ltd., a China-based biodiesel producer, has entered into a definitive agreement to acquire a 67 percent beneficial ownership interest in Mian Yang Jin Xin Copper Co. Ltd. (Jin Xin), a China-based company engaged in the business of copper recycling.
"We are very pleased to have entered into these agreements with Jin Xin. We believe that this acquisition is in line with our goal of leveraging our balance sheet by making strategic investments in environmental businesses," says Jianqiu Yu, chairman and principal executive officer of Gushan. "In our view, this expansion into the copper recycling business will contribute positively to the overall financial performance of our group."
According to a release covering the purchase, Gushan, through its True Excel Holdings Ltd., subsidiary, entered into a stock purchase and capital increase agreement with the two shareholders of Jin Xin.
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