Fuwei Films's Shandong, China, unit gets €10.7M letter of credit to purchase new production line equipment for its thick-film BOPET production

Alison Gallant

Alison Gallant

Jun 24, 2011 – PRNewswire

BEIJING , June 24, 2011 (press release) – Fuwei Films (Holding) Co., Ltd. (NASDAQ: FFHL)("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET films in China, today announced that its wholly-owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei") has obtained a EUR 10.7 million Letter of Credit from Bank of China, Weifang Branch to use towards purchasing new production line equipment, including self-funded 7.37 million EUR and 3.33 million EUR credit line from Bank of China, Weifang Branch.

Fuwei Films previously announced that it entered into a contract with Lindauer Dornier GmbH, a German equipment supplier, to purchase equipment for its thick-film BOPET production. The total amount to purchase the new production line equipment is 16.45 million EUR. Prior to that, a prepayment of 5.08 million EUR has already been made by Shandong Fuwei.

The Chairman and CEO of Fuwei Films, Mr. Xiaoan He, said, "We are very pleased that the Weifang Branch of the Bank of China has extended the credit line that will enable us to proceed with the purchase of the production line equipment from Lindauer Dornier. Now that the major shareholder case has been resolved, banks are showing willingness to extend credit to Fuwei Films. We believe that this is a positive development for supporting our growth plans."

About Fuwei Films

Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei's BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

Share:

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025 795

+1 (310) 558 0008
+1 (310) 558 0080 (FAX)

About Cookies On This Site

We collect data, including through use of cookies and similar technology ("cookies") that enchance the online experience. By clicking "I agree", you agree to our cookies, agree to bound by our Terms of Use, and acknowledge our Privacy Policy. For more information on our data practices and how to exercise your privacy rights, please see our Privacy Policy.