Rengo fully acquires Guangdong Rengo Packaging in China

Japan-based Rengo has announced the acquisition of all of the equity of Guangdong Rengo Packaging in China for $17m.

Guangdong was formerly a Chinese joint venture company operated by Rengo and its Chinese partner but all equity has now been transferred to Rengo and Guangdong is now a wholly-owned subsidiary the company.

Guangdong Rengo is engaged in the manufacturing and sales of corrugated packaging and folding cartons.

The company reported net sales of CNY104m ($126m) for the fiscal year ended December 2010.