November 2 -- Jiangsu Asia Pacific Light Alloy Technology (002540.SZ), a producer of pre-painted film and BOPP raw materials, plans to fully acquire Bosai Anxin Aluminum for no more than 40 million yuan, reports yicai.com, citing a company filing.

The target company, founded in 2010 in Wuxi with a registered capital of 20.5 million yuan, had total assets of 23.04 million yuan.

Bosai Anxin Aluminum incurred a loss of 7.46 million yuan in 2010 on revenue of 170 million yuan.

The target company, which is capable of producing 80,000 tons of remelted aluminum rods, halted production in 2010.

Bosai Anxin Aluminum began to turn in a profit in March 2011, and currently has monthly production volume of 35 million tons. For the first three quarters, it generated net profit of 2.39 million yuan.

Jiangsu Light Alloy said the acquisition will further improve its production chain of aluminum extrusions, and expand its range of cast products.

Source:CapitalVue