Sun Pape automatic door r to set up JV in Vietnam

Sun Pape automatic door r to set up JV in Vietnam
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Sun Paper to set up JV in VietnamPublished: 10 Mar 2009 02:10:50 PST

Mar. 10, 2009 (China Knowledge) - Shan Dong Sun Paper Industry Joint Stock Co Ltd (Sun Paper)<002078>, a manufacturer and seller of paper and paper products in China, plans to set up a JV in Vietnam with a local company there, sources reported.

It is estimated that a total of US$15 million investment will be poured into the JV. The investment will be used to build a timber processing plant with an annual production capacity of 200,000 tons. The investment will also finance construction of a port with an annual throughput capacity of 2 million tons which will be used to bring in bulk timber.

The JV will carry out its business mainly in timber acquisition, processing and marketing. Furthermore, the company will deal with the related import and export business and will oversee the construction of the new port.

According to Sun Paper 2008 annual report, the company realized RMB 5.76 billion in operating income from its main business, up 13.35% year on year. However, its net profit dropped 41.86% from one year earlier to RMB 222 million due to a decline in demand in the fourth quarter of 2008.

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