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[April 2007]
ItN Nanovation Signs Letter of Intent for Joint Ventures in China
ItN Nanovation AG (Saarbrücken, Germany) has signed a binding termsheet with the Chinese company Suntar Membrane Technology Co Ltd (Xinglin, Xiamen) concerning the foundation of two joint ventures: one is planned for the production and the other for the distribution of ceramic tube filter membranes. ItN Nanovation will hold 50.1 percent of shares in the distribution company and 49.9 percent of shares in the production company.
The final realisation of these plans is subject to approval by various Chinese authorities. Should the authorisation process run according to schedule, the joint ventures will commence operations by the first quarter of 2008 at the latest.
With these joint venture plans, ItN Nanovation will gain access to the attractive Asian market while making use of even more reasonably priced production possibilities for ceramic filter membranes. This means that the company can combine what it describes as the clearly superior product properties of ceramic membranes compared to the polymeric filter membranes still predominantly in use with a distinctly more attractive price structure. Suntar Ltd is a wholly-owned subsidiary of Sinomem Technology Ltd, a leading supplier of membrane technology listed on the Singapore stock exchange.
www.itn-nanovation.com
ENDS