THT Heat Transfer Technology Completes Acquisition of Remaining Stake in Beijing Juyuan
Wednesday, July 03, 2013 08:00ET
SIPING, China, July 3, 2013 /PRNewswire/ -- THT Heat Transfer Technology, Inc. (Nasdaq: THTI) ("THT" or the "Company"), a leading provider of heat exchangers and heat exchange solutions in China's clean technology industry, today announced that its operating subsidiary Siping Juyuan Hanyang Plate Heat Exchanger Co., Ltd. ("Siping Juyuan") has completed the acquisition of the remaining 25% ownership stake in Beijing Juyuan Hanyang Heat Exchange Equipment Co., Ltd. ("Beijing Juyuan") from Hanyang International GmbH, for a total consideration of RMB2.5 million (approximately US$0.4 million). Upon the completion of the acquisition, THT owns 100% of Beijing Juyuan.
Chairman and Chief Executive Officer Guohong Zhao commented, "We are pleased to announce the completion of our acquisition of the remaining 25% of Beijing Juyuan, providing us with full ownership of our product sales operating subsidiary. Despite the challenges we face in light of current market conditions, we remain committed to strengthening our sales activities to further diversify our revenue base and gain additional share in the domestic heat exchanger market."