Asia Packaging Group has announced the acquisition of land use right and buildings for Yuanxing Packaging manufacturing operations in Fujian Province, China.
The company entered into a land acquisition agreement during the fourth quarter ended 31 March 2013, with Fujian Xinshidai Industry Trade Development in a deal worth CNY120m ($19.6m).
The deal involves the purchase of the land use right and associated buildings in Fujian Province pertaining to the manufacturing operation of Yuanxing Packaging.
Closing of the acquisition and land use right transfers was closed subsequent to the company’s fiscal year ended on 31 March 2013.
Asia Packaging, through its wholly-owned subsidiaries in the People’s Republic of China, manufactures packaging products and services to the food, pharmaceutical and retail industries.