July 22, 2003

 

JV Company In NE China To Produce 40,000 Tons Of

 

Protein Lysine And 20,000 Tons Of Compound Amino Acid

 

The establishment of Changchun Baocheng Biochem Development Co., Ltd was announced last week, after the signing of agreements between the joint venture partners, namely Global Biochem Technology Group (55%), Changchun Dacheng Industrial Company (25%) and Changchun Dacheng Biochem Engineering (20%).

 

Its plants, located in Changchun, Jilin province will have an annual production capacity for 40,000 tons of protein lysine and 20,000 tons of compound amino acid.

 

Total investment in Baocheng Biochem is US$45 million. The joint venture partners have contributed US$15 million in proportion to their respective shareholding. The remaining US$30 million will be financed by borrowings or other means, in accordance with the agreements reached by the joint venture partners.