(Yicai Global) June 16 -- Hanil Can, the biggest metal can manufacturer in South Korea, is preparing to purchase a production line worth about CNY340 million (USD53 million) from Chinese easy-open can machinery maker Suzhou SLAC Precision Equipment.
The Yangsan-based firm has made a USD5 million earnest payment, indicating its good intentions, SLAC said. The two parties have signed a non-binding agreement and there remain a number of uncertainties that have yet to be determined.
Hanil, which runs three production bases for cans, easy-pull lids and various other packaging products in South Korea, is in good financial standing and will be able to fulfil the contract, SLAC said.
Suzhou, eastern Jiangsu province-based SLAC mostly develops, makes, assembles and debugs complete sets of high-speed easy-pull lids, can manufacturing equipment, image detection systems and related precision molds and spare parts.
SLAC's share price [SHE:300382] closed down 0.68 percent at CNY11.63 (USD1.82) today.
Editor: Kim Taylor