6th Dec 2019 17:59
(Alliance News) - Cigarette filter maker Essentra PLC on Friday said it has been granted approval for its joint venture in China by regulators.
Last month, Essentra established a new joint venture, China Tobacco Essentra (Xiamen) Filters Co Ltd.
Essentra will hold a 49% stake in the partnership, with China Tobacco Fujian Industrial Co owning 21%. Shanghai Haiyan Investment Management Co, China Tobacco Hunan Investment Management Co and China Tobacco Guangxi Tiancheng Management Co each will own 10%.
The venture will produce specialist and next generation tobacco filters, which will be manufactured locally in a new facility in Xiamen, south east China.
The stock closed up 0.2% at 422.62 pence on Friday.
By Arvind Bhunjun; [email protected]
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