Chinese paper and packaging firm Tianjin Xingyang Package Co has been bought by New Oriental Energy & Chemical Corp.
Based in Tiankin City, Xingyang is a waste paper recycler and manufacturer of corrugated board in China.
In 2011, Xingyang recycled and sold 33,000 tonnes of waste paper which generated revenue of $8.41 million (£5.19 million) and manufactured and sold 45 million square metres of corrugated paperboard and 20,000 tonnes of corrugated papers and carbon board generating revenues of $30.63 million (£18.91 million).
Xingyang founder and chairman Zhang Tongde said: “We experienced significant progress in 2011 with record revenues, and rapid growth in particular in our recycling business.
“During the year, our recycled paper sector accounted for over 21.5 per cent of our revenues for the first time, a percentage we anticipate will be higher in the current year as rapid growth in this sector continues.
“We will continue to grow our traditional corrugated paper and paperboard manufacturing and sales business, which we believe will be driven by continuing increasing demand in China. At the same time, we expect to also greatly expand our paper recycling business, which will be driven by growth in both tonnage and revenue in 2012 and beyond.”