Xiamen Tungsten to purchase asset from Mitsubishi Chemical
China Knowledge reported that Xiamen Tungsten Co Ltd, China largest producer and exporter of tungsten and molybdenum board of directors approved its unit to buy out Guangzhou Pearl River Optoelectronic New Material Co Ltd from Japan's Mitsubishi Chemical Corp.
The company subsidiary Fujian Changding Jinglong Lanthanide Co Ltd will spend USD 3.87 million to purchase the target firm which is wholly owned by Mitsubishi Chemical.
Guangzhou Pearl River Optoelectronic New Material which has a registered capital of CNY 47 million is mainly engaged in the manufacture, processing and sale of phosphor power applied for displays.
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