Wankai New Materials Ties Up With France's Carbios to Set Up Joint Venture

MT Newswires Live12-03

Wankai New Materials (SHE:301216) partnered with French biochemistry firm Carbios to establish a joint venture in China, according to a Shenzhen bourse filing on Wednesday.

The venture, which will have a registered capital of 276.7 million yuan, will build and operate a biological enzymatic depolymerization PET or polyethylene terephthalate recycling plant with an annual processing capacity of 50,000 tons of PET waste. The plant will have an investment worth 115 million euros.

The Chinese packaging materials producer will own 70% of the venture, while Carbios will hold the remaining 30% after investing 193.6 million yuan and around 83 million yuan, respectively.

Wankai's shares rose over 1% at the close.

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