Zhongnan Heavy Industries plans to acquire Jiangyin Chemical Machinery

On June 22, Jiangsu Province-based Chinese company Jiangyin Zhongnan Heavy Industries Co. Ltd (Zhongnan Heavy Industries) announced that it plans to acquire 100 percent of Jiangsu Province-based Chinese company Jiangyin Chemical Machinery Co. Ltd for a sum not exceeding RMB 135 million ($8.76 million).
 
Jiangyin Chemical Machinery's main activity is focused on the production of pressure vessels. Officials at Zhongnan Heavy Industries stated that they intend to be more competitive in the pressure vessel market though this acquisition, which will help them to increase their production capacity.