China – China’s leading scrap metal processor China Metal Recycling (CMR) has entered into a non-binding memorandum of understanding with Guangdong Materials Group Corporation (GDWZ). The two parties have agreed to set up a recycling joint venture in which CMR will hold a 58% stake and GDWZ the remaining 42%; this new entity will have a registered capital of RMB 300 million.According to CMR’s board, the proposed co-operation with GDWZ will enable it to team up with one of the largest companies engaged in the recycling and dismantling of scrapped vehicles, as well as in the scrapping of ships in Guangdong Province. The link-up will also help to enhance and refine CMR’s waste collection network.
Having started up operations in the year 2000, CMR claims to be mainland China’s largest scrap metal recycler in revenue terms. Based in Guangzhou and with recycling facilities in Guangdong, Jiangsu and Hong Kong, CMR is involved mainly in collecting and processing steel, copper and other scrap metals for onward sale.
State-owned GDWZ, restructured from the Resources Bureau of Guangdong, is a large-scale enterprise engaged in various material resource operations.
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