Chinese Haid Group to build 3 feed plants
Haid Group Co Ltd, an aquatic and poultry feed producer based in Guangzhou, Guangdong Province is to build three feed plants with a combined annual output of 640,000 tonnes. Projected costs are RMB 249 million (€26.5m).
One plant, which will be located in Changzhou, Jiangsu Province and will cost RMB 98.6 million (€10.5m), will include five production lines for pelleted feed and two for the production of extruded feed.
will also invest RMB 82 million (€8.7m) to build a 220,000-ton plant in Jieyang, Guangdong Province.
The third plant, which will be located in Chengmai, Hainan Province, will produce 180,000 tons of feed. The three plants are expected to go into operation in 2011.
Raw material procurement
In addition, the enterprise intends to invest up to €5.8 million to launch a wholly-owned subsidiary overseas for materials procurement in the international market.
Haid Group, which is listed on ChiNext, China's Nasdaq-style stock market, last year raised RMB 1.5 billion (€160m) through an initial public offering, RMB 861 million (€91.7m) more than its target.
The firm will use money of the surplus funds to repay bank loans and to develop projects under construction or in the pipeline.
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