Fushi Copperweld Inc. (FSIN) announced that its subsidiary, Fushi International (Dalian) Bimetallic Cable Co., Ltd. Or "Fushi" has entered into a definitive agreement to acquire Dalian Jinchuan Electric Cable Co., Ltd. for about $10.2 million.
The purchase price of $10.2 million may be made, at the option of the Company, in cash and restricted stock of the Company over the next year. Upon closing, the Company expects the acquisition of Dalian Jinchuan to be immediately accretive to earnings. Fushi expects the transaction to be finalized during the course of the first quarter 2010 and the consummation of the acquisition is subject to customary closing conditions.
The Company also announced that Fushi received its market access certification from Jilin Oilfield Limited Company, a division of PetroChina, for its copper-clad aluminum and copper-clad steel based power transmission products.
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