# COFCO Packaging acquires 51% stake in Zhejiang Jihong Packaging for $9.7M

COFCO Packaging (00906) announced its indirect wholly-owned subsidiary COFCO Packaging Investment will acquire 51% equity of Zhejiang Jihong Packaging from Jihong International for RMB 66.75 million (approx. US$9.7 million). The target company is building a two-piece can production line expected to start production in H2 2017.

- Type: Acquisition
- Announced: 2017-03-15
- Where: Haining, Zhejiang, China
- Value: $9.70M (66.8M CNY)
- Status: announced
- Capacity: 3600 cans per minute (line speed)
- Products: two-piece cans for beer and beverages
- Sectors: [Packaging](https://endata.com/sectors/packaging.md)

## Companies

- [COFCO Packaging](https://endata.com/companies/4474.md) (acquirer)
- [Zhejiang Jihong Packaging](https://endata.com/companies/22825.md) (target)
- [Jihong International](https://endata.com/companies/22826.md) (partner)

## Sources

- [beta.zhitongcaijing.com](http://beta.zhitongcaijing.com/content/detail/46921.html), 2017-03-15: "中粮包装(00906)发布公告，其间接全资附属公司中粮包装投资向纪鸿国际收购浙江纪鸿包装51%股权，作价6675万元人民币。"

---
Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.