Oct. 25, 2018
Chinese agrochemical company Lier Chemical
announced a capital increase in purchasing Hebi Saike Chemical, after which Lier Chemical will hold a 51% stake in Saike Chemical to become its controlling shareholder. In the meantime, Lier Chemical is to acquire a 30.26666% stake in Qimingxing Chlor-Alkali, after which Lier Chemical will hold 65.76666% to become the controlling shareholder of Qimingxing Chlor-Alkali.
To strengthen control of upstream key raw materials and to ensure production proceeds in central China, the company is prepared to establish a subsidiary at the Chemical Industrial Park of Hubei Jingzhou Economic Development Zone, and will acquire industrial land in the Hubei Jingzhou Economic Development Zone for construction and development of the project.
According to Lier Chemical's semi-annual report, the company had a consolidated income of Yuan1.821 billion in the first half of the year, a 49.45% increase year on year, as well as a net profit attributable to the mother company of Yuan161 million, a 74.51% increase year on year. The 1,000-ton flumioxazin production line and the supportive facilities of Lier Chemical Guang’an, which is Lier Chemical’s wholly-owned subsidiary, have been brought on stream, which is expected to further increase the company's profitability.