On December 24, 2020, Sinochem International announced plans to acquire equities of three sister companies, a move it hoped to enrich its product portfolio.
The company said in a statement that it planned to acquire 100% equity of Sinochem Hebei Fuding Chemical Technology Co Ltd, 60% of Sinochem Hebei Xinbao Chemical Technology Co Ltd, and 70% equity of Sinochem Hebei Fuheng Co Ltd. These shares were previously held by Sinochem Hebei Co Ltd.
The agreements on the all-cash transactions were signed on Dec 28.
Sinochem expected the deals to help diversify and refine its product structure, further bolster the business of new functional materials, and contribute to the company's integrated development in the field of fine chemicals.