July 27 -- Fujian Green Pine (300132) announced that the company’s board of directors approved its plan to acquire a 100-percent stake in Zhangjiagang Yaxiya Chemical (Yaxiya Chemical) for 117.8 million yuan, reports Shanghai Business Post, citing a company filing.

Yaxiya Chemical is based in Jianyang city and is a major supplier of camphor sulfonic acid and 5-Methyl uracil. It has a 65-percent share of the domestic camphor sulfonic acid market. It is also engaged in researching and developing fine chemical products.

This acquisition will help Green Pine expand its turpentine production line and accelerate its entry into the pharmaceutical intermediary sector.