Sancon Resources Recovery Inc., a recycling and waste logistics company headquartered in Shanghai, has entered into an acquisition agreement with Beijing JDY Environmental Recycling Co. Ltd., headquartered in Beijing.
Under terms of the agreement, Sancon Shanghai, Sancon’s wholly owned subsidiary, has agreed to take a 51 percent equity stake in Feijing JDY Environmental Recycling.
Beijing JDY, established in 2005, collects and processes scrap metal, recovered fiber, old corrugated containers and plastics. According to a Sancon release, Beijing JDY services roughly 20 million people in the Beijing area.
Beijing JDY hopes to expand its waste management and recycling operations into additional areas of Beijing over the next three years.
A news release issued by Sancon states that two years ago Beijing JDY became one of the only two recycling companies chosen by the Beijing municipal government to aggregate recycling operations in the area. The decision was part of the Chinese government’s 11th 5-year plan designed to improve the industry image and urban environment in China.
The acquisition of BeijingJDY is expected to be complete by the end of August 2011.
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