Gansu Yasheng Industry (Group) Co., Ltd. announced that it plans to jointly establish a Gansu Lanwei New Material Co., Ltd. (tentative name) with Lanzhou Wuquanshan Cement Co., Ltd., a 99.49% controlled subsidiary of Lanzhou New West Vinylon Co., Ltd. Registered capital of 100 million yuan, of which: the company invested 85 million yuan in cash, holding 85%; Wuquanshan Cement invested 15 million yuan in fixed assets (assessed value of 15,400,830 yuan), holding a ratio of 15%.
The new company has a 20-year operation period (based on the business license) and plans to invest in the construction of vinyl acetate-polyvinyl alcohol expansion project, polyvinyl alcohol high-strength high-modulus engineering fiber expansion project and cogeneration project. The total planned investment is 51070.37 Ten thousand yuan. The foreign investment funds were raised by the company through funds raised through the medium-term notes issued by the Gansu Provincial Government and self-raised.
Lanzhou Wuquanshan Cement Co., Ltd. is the holding subsidiary of Lanzhou New West Vinylon Co., Ltd. (hereinafter referred to as “New West Company”). New West Company holds 99.49% shares. Lanzhou Wuquanshan Cement Co., Ltd. is legal Representative: Li Yongmin, registered capital of 5.94 million yuan.
New West Company is mainly engaged in the production of calcium carbide, polyvinyl alcohol, vinyl acetate, polyvinyl alcohol engineering fiber, cement and other products. It is the only vinylon manufacturer in the northwest region and one of the important chemical and chemical fiber production bases in Gansu Province. At present, annual sales revenue has reached 473 million yuan. Its products are mainly sold to 25 provinces and cities in the northwest, north China, northeast and the European Union, South America, North America, Southeast Asia and other countries. Polyvinyl alcohol and polyvinyl alcohol engineering fibers have always maintained the title of “Gansu Province Famous Brand Products”. In December 1998, they obtained the “China ISO9002 Quality System Certification Certificate” and “Product Certification Certificate” from the China Area Mark Certification Committee.