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news.China-based Sunwin International Neutraceuticals has announced that its wholly owned subsidiary, Qufu Natural Green Engineering has acquired Qufu Shengren Pharmaceutical, in a stock exchange valued at $3 million. The purchase price is equal to one times the net tangible asset value of Qufu Shengren.
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Through this acquisition, Sunwin expects to convert Qufu Shengren’s pharmaceutical production facilities to the production of high grade stevia in approximately three months saving substantial construction time for Sunwin. Once the conversion of the facility is complete, Sunwin expects its overall high grade stevia production capacity to rise to up to 250 tons annually.
Laiwang Zhang, chairman of Sunwin, said: “This acquisition is an important step forward for Sunwin as we build on our strategic partnership with Wild Flavors.
“We expect that the acquisition of Qufu Shengren will be highly accretive to our shareholders in fiscal 2010 beginning in May 2009. We also believe that this acquisition will solidify our position us as one of the world’s top producers of high grade stevia.”