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The funding for the acquisition has been located and negotiated.
SMTL is a high-tech manufacturer specializes in research, development, and the production of performance engineering plastic resins, alloys, plastic sheets and thermoformed plastics. The acquisition is expected to anchor a strong base in China with minimum initial net earnings over 1 million USD per annum.
In line with SMTL acquisition, a New R&D, and Production Center is to be established in Changzhou, China.
SINC has entered into a definitive agreement to have its world's R&D & production center in the China-Israel Changzhou Innovation Centre.
The 5800 m2 facility is expected to have 20 ventilation film production lines and one R&D center. The production facility itself represents 12 million USD worth of equipment investment, which will be built and commissioned by SINC over the next 2 years.
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Changzhou Local Authorities welcomes SINC with following Gov support policies,
- 3-year free land & office lease
- 3-year Company Income Tax Exemption
- 1-year high executive (3ppl) personal tax exemption
This relocation will put SINC in the same neighborhood as EV, PV, 5G Material and the Robots production center in Changzhou. SINC looks forward to delivering better value to high tech partners in closer proximity.
With SINC's anticipation in expanding into the US and European markets, this acquisition and the new facilities not only ensures SINC can respond faster and better with the booming Chinese market, but also, they will secure SINC's capacity for a global expansion.
About Sincerity Applied Materials Holding Corp
Sincerity Applied Materials delivers high performance environmental polymer and solutions, to help customers reducing product wastage, improve logistics efficiency, and reduce their carbon footprint. The Company, though its China partner, has been developing its exceptional material technology through partnerships with leading Chinese research institutions and facilities. Today, Sincerity's products are widely used in the automotive, packaging, building & construction and engineering industries.
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This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
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