CHINA: New Dragon Asia acquires additional flour milling operation in China
New Dragon Asia Corporation announced today [Tuesday] that it has signed an agreement to acquire Shandong Long Feng Peng Lai Flour Co. Ltd. of Shandong, China. Terms of the sale were not disclosed, but completion of the acquisition is anticipated for April 2002. Sales for the Shandong operations were approximately US$4.7m for 2001, and the acquisition is expected to be accretive to New Dragon's earnings in 2002. Total production capacity of Shandong Long Feng Peng Lai is currently 32,000 metric tons per annum, which will represent approximately 20% of New Dragon's total flour milling capacity following completion of the acquisition. New Dragon is ranked within the top three flour manufacturers and instant noodle producers of Mainland China.
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