Fuwei Films' Shandong, China, subsidiary to respond to South Korea's antidumping review on BOPET film, says 2010 sales to South Korean market was 1,031 tons, at 17% of its total export volume
July 15, 2011
– Fuwei Films (Holdings) Co., Ltd. (Nasdaq:FFHL - News) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that its wholly-owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei") will actively respond to the antidumping sunset review of BOPET film conducted by the Ministry of Strategy and Finance, Republic of Korea.
On June 22, 2011, Ministry of Strategy and Finance, Republic of Korea, initiated a sunset review concerning the continued imposition of an anti-dumping duty on imports of the BOPET films originating from the People's Republic of China ("China") and India. Eight Chinese exporters, including Fuwei Films, are required to participate in this review. The Company has already engaged legal counsels to actively respond to the review till now.
In 2007, the Korean Trade Commission ("KTC") conducted an antidumping investigation of BOPET films originated from China and India. The final determination was made in September 2008, with Fuwei Films receiving an anti-dumping duty ("ADD") rate of 5.67%.
In 2010, Fuwei Films' sales to the Korean market were 1,031 tons, accounting for 17% of the Company's total exports volume.
"Expanding overseas markets is an important strategy for Fuwei Films," said Mr. Xiaoan He, Chairman and CEO of the Company. "We attach great importance to the Korean market. As a result, the Company will actively respond to this sunset review and vigorously seek a good outcome for the Company."
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.