Yueyang Forest & Paper completes $180M Juntai Technology acquisition

Yueyang Forest & Paper (SSE:600963) announced the completion of its acquisition of 100% of Juntai Technology's equity for approximately $180 million (¥127.84 million). The deal, initially announced in November and approved by shareholders in December, closed on December 23rd. Juntai Technology, a new materials science company, now operates as a wholly-owned subsidiary and is included in Yueyang's consolidated financial statements. The acquisition strengthens Yueyang's "forest-pulp-paper" strategy by increasing its control over upstream resources and expanding its product portfolio. Juntai Technology reported audited net profits of $44 million and $37 million for 2023 and January-July 2024, respectively, and its projected 2024 net profit exceeds $56 million, which is expected to boost Yueyang’s 2024 earnings.