Empire Industries forms Chinese joint venture with ZZG
Empire will own 51% of the joint venture, which will design and manufacture amusement rides for the Asian market.
WINNIPEG – Empire Industries Ltd. is entering a joint venture with a subsidiary of China-based Zhejiang ZF Investment Co. Ltd., also known as ZZG.
Winnipeg-based Empire will own 51% of the joint venture, which will design and manufacture amusement rides for the Asian market.
Empire also fabricates steel for construction projects in Western Canada and China.
The Canadian junior company will provide an initial $2 million capital investment in the new venture and ZZG will provide 1.9 million.
In a related move, a ZZG subsidiary – Canada Zhoufa Agricultural Holding Company Ltd. – will invest a total of $4.25 million in Empire by purchasing equity and a $2-million convertible debenture through a private placement.
©The Canadian Press