Gulf Resources, Inc. (NASDAQ: GFRE) has announced that its 100%-owned subsidiary Shouguang City Haoyuan Chemical Company Ltd. (SCHC) has entered an agreement to acquire manufacturing assets related to bromine and crude salt production. SCHC will acquire the assets from Jinjin Li and Qiuzhen Wang, two residents of the PRC.
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The acquisitions will provide SCHC with an additional annual production capacity of 3,000 tons of bromine and 100,000 tons of crude salt. The additional production is expected to add around $1.0 million in incremental net income for fiscal 2010.
For the purchase of these assets, SCHC will pay $13.2 million in cash and issue 70,650 share of common stock for $9.859 per share, bringing the total price to $13.9 million.
Gulf Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Company Limited ("SCHC") and Shouguang Yuxing Chemical Industry Co., Limited ("SYCI"). The Company believes that it is one of the largest producers of bromine in China.
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