Yunnan Yuntianhua acquires Brazilian fibreglass manufacturer

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Chongqing Polycomp International Corporation (CPIC), a subsidiary of Yunnan Yuntianhua, has reportedly acquired the complete assets of Brazil``s Capivari Glass Fiber for USD 59.5 million. Capivari Gl...

Chongqing Polycomp International Corporation (CPIC), a subsidiary of Yunnan Yuntianhua, has reportedly acquired the complete assets of Brazil``s Capivari Glass Fiber for USD 59.5 million. Capivari Glass Fiber was formerly a subsidiary of Owens Corning, the world``s largest manufacturer of fiberglass. The company specializes in the manufacture and sales of fibreglass, with annual production capacity of 37,000 tons, and a sales network throughout Latin America. CPIC has a registered capital of USD 252 million and is a joint venture established by Yuntianhua, Carlyle Group and Saudi Arabia``s Amiantit Group. Yuntianhua holds a 63.62% stake in CPIC, which had total assets of CNY 7.5 billion and net assets of CNY 3.2 billion in 2010.
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