Stock News: Fabchem buys manufacturing facilities!

Fabchem China to buy manufacturing facilities in Shandong Fabchem China Ltd, a manufacturer of explosives for the mining and construction industries, has entered into a sale and purchase agreement to buy manufacturing facilities worth 12.2 mln yuan in Shandong Province, China. The facilities with a built-up area of about 8,551 square meters, will be able to produce about 3,000 tonnes of its new product, Seismic Charges, each year and contribute 30.5 mln yuan to Fabchem's revenue yearly. The estimated increase in revenue is expected to have a positive impact on Febchem's earnings for the financial year ending March 2007, the company said.