China: Sinochem Indications Cooperation Agreement with Specialties CompanyChangda International Holdings, Inc. (OTCBB: CIHD) the Weifang based specialty chemicals manufacturer and also fertilizers producer has actually participated in a comprehensive agreement for its products as well as raw material purchases with Sinochem, one of China's greatest chemical companies.
Under this arrangement Sinochem will certainly act as an exporter and also reseller of Changda's products as well as an importer of raw materials for Changda. The following conditions have been set.
Changda dedicates to increase the production ability of its pharmaceutical intermediates asap in order to provide appropriate amounts of the product to Sinochem.
Both parties accept provide each various other concern in purchases and sales of its products and also raw materials.
Sinochem gives Changda International USD 900,000 for basic material purchases. In addition Sinochem also shares its objective to release RMB debt to Changda Chemical for the same function.
Both celebrations additionally agree to explore development opportunities as well as the exchange of details & modern technology.
In water treatment agent concur that Changda International will end up being an important production base for Sinochem, both parties also consent to consider joint endeavors and prospective M&A tasks.
"In the internationalization, the widening of our market variety as well as conditioning of our chemical line of products, this marks an important development as we have found with Sinochem a real international partner We are very excited concerning the prospects of this agreement." claimed QinRan Zhu, the CEO of the business.
"We experience extremely positive advancements in the demand for our chemical items, and also with partners like Sinochem, we see this fad proceed in the future." Said HuaRan Zhu, Executive Director and head of the chemical department of Changda.