Circumvention Of Anti-Dumping &Nbsp; China Glass Fiber Holding "Megelite" Troops In Egypt

China's glass fiber (600176) wholly owned giant stone group, its overseas expansion strategy is imminent. China Fiberglass announced today that the giant rock group Co., Ltd., a controlling subsidiary, plans to set up a giant stone Egypt glass fiber Limited by Share Ltd, and to build an annual output of 80 thousand tons. glass fibre The production line of pool kiln drawing. The registered capital of boulder Egypt is US $67 million, with a total investment of US $223 million.

The announcement shows that China Fiberglass plans to build fiberglass production lines in Egypt and other emerging market countries in order to accelerate the construction of global industrial layout and avoid international trade protectionism. After full investigation, demonstration, on-the-spot investigation and comparative analysis, China's fiberglass considers Egypt's political environment and economic environment. Resources It has advantages such as investment and factory setting. Therefore, the giant stone group intends to set up a huge stone Egypt in the Suez economic and trade cooperation area of Egypt, and build an annual production line of 80 thousand tons of alkali free glass fiber tank furnace. The project will start construction in 2011, and the construction period will be 15 months. It is estimated that the annual sales revenue will be 554 million yuan and the total annual profit will be 202 million yuan after the project is completed and put into operation.

China Fiberglass said that after the completion of the project, it will further improve the global industrial layout, effectively alleviate the impact of anti-dumping on the company, and make full use of foreign policies and resources to enhance international influence. As the main glass fiber producer in the world, China has established more than 10 production lines including boulders, South Africa, France, Italy, Canada, Spain and India. Trade Overseas companies, and the layout of the global sales network, but China's fiberglass overseas expansion is also facing the impact of foreign anti-dumping on the company's exports. At the beginning of this year, the EU, Turkey and India conducted a final ruling on anti-dumping investigations on China's glass fiber products. The European Union announced a 13.8% anti-dumping duty on the related products exported by some Chinese glass fiber export enterprises, and Turkey imposed a 23.75% anti-dumping duty on the related products exported to China's glass fiber.

China Fiberglass also disclosed that in order to supplement liquidity and reduce financing costs, the giant stone group intends to issue ~2014 short-term financing coupons in 2011, with a total amount of no more than 1 billion 400 million yuan. Interest rates are determined in a market-oriented manner according to the regulations governing the financing instruments of non-financial enterprises in the inter-bank bond market. In addition, the boulder group is expected to achieve the control of the US GIBSON company by buying a 100% stake in Faithrich Enterprises Limited, the sole shareholder of GIBSON, its US product sole agent, and the purchase price is $18 million.