China Integrated Energy, Inc. (NCM: CBEH) has completed its acquisition of a 50,000 metric ton biodiesel production facility located in Chongqing City, China from Chongqing Tianrun Energy Development Co., Ltd.
CBEH payed US$16.5 million in cash for the new facility. The acquisition moves the company a step closer to its goal to double production capacity to 200,000 tons in 2010. The company, which is the only non-state biodiesel producer with a nationwide distribution license, plans to get the new facility up and going in December.
Adding to its existing 100,000 ton facility's US$52 million income, CBEH expects this new facility to add US$32 million in revenue in 2011.
"With our newly-constructed 50,000-ton biodiesel production facility, which will come on line later this year, we will double our biodiesel production capacity to 200,000 tons this year. With continued government support for renewable energy sources such as biodiesel and strong domestic demand for energy, we are confident in generating strong earnings and cash flows over the next several years," said Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc.
Read the full story at China Integrated: China Integrated Energy Completes Acquisition of 50,000-ton Biodiesel Production Facility in Chongqing City, China
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