March 8 -- Chongqing Polycomp International Corporation (CPIC), a subsidiary of Yunnan Yuntianhua (600096), fully acquired Brazil's Capivari Glass Fiber for $59.5 million, reports Securities Times, citing a company filing.
Capivari Glass Fiber was formerly a subsidiary of the world’s largest maker of glass fiber, Owens Corning. The deal is pending the approval of both the Chinese and Brazilian governments.
CPIC is a joint venture established by Yuntianhua, Carlyle Group and Saudi Arabia's Amiantit Group. It has a registered capital of $252 million.
Yuntianhua holds a 63.62 percent stake in CPIC, which had total assets of 7.5 billion yuan and net assets of 3.2 billion yuan as of end 2010.
Capivari specializes in the manufacture and sales of glass fiber. It has annual production capacity of 37,000 tons. Capivari has a sales network throughout Latin America.
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