Lianhe Technology buys 60% of Hubei Juntai
The Chinese-listed company, Lianhe Technology, has acquired a 60% stake in the Chinese chemical company, Hubei Juntai Pharmaceutical and Chemical. The majority holding was transferred at a price of Yuan 41.2 million ($6.5 million at the current rate). Hubei Juntai was established in October 2010 with a registered capital of Yuan 54.5 million (8.6 million). It primarily engages in the manufacture of pesticide and pharmaceutical intermediates. Pesticide intermediates are the main source of revenue for Lianhe Technology, with sales in the category increasing by 41.9% to Yuan 761 million ($120.3 million) in the first half of 2012. The company recently completed a 1,100 tonnes/year pesticide intermediate production line, which is undergoing evaluation.