BBMG unit acquires two concrete firms for $10.2M

BBMG Corp's subsidiary, Wenxi Company, is acquiring 100% stakes in Wenxi Xinhaitian Concrete Co., Ltd. and Yuncheng Haixin Haitian Concrete Co., Ltd. for a combined 71.13 million yuan (approximately $10.2 million). The acquisitions, approved by BBMG's board, expand the company's ready-mix concrete presence in Shanxi province's southern region. Wenxi Xinhaitian and Yuncheng Haixin, with a combined annual production capacity of 2.55 million cubic meters, will become wholly owned subsidiaries of BBMG. The acquisition price is based on pre-assessment valuations, subject to final approval by relevant state-owned asset regulatory bodies. The transaction is not considered a related-party transaction or a major asset restructuring.