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Published in House and Home on Friday, July 15th 2011 at 12:35 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Fuwei Films Announces It Will Actively Respond to Antidumping Sunset Review of BOPET... -- BEIJING, July 14, 2011 /PRNewswire-Asia-FirstCall/ --
Fuwei Films Announces It Will Actively Respond to Antidumping Sunset Review of BOPET Films Conducted by Ministry of Strategy and Finance, Republic of Korea
BEIJING, July 14, 2011 /PRNewswire-Asia-FirstCall/ -- Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced that its wholly-owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei") will actively respond to the antidumping sunset review of BOPET film conducted by the Ministry of Strategy and Finance, Republic of Korea.
On June 22, 2011, Ministry of Strategy and Finance, Republic of Korea, initiated a sunset review concerning the continued imposition of an anti-dumping duty on imports of the BOPET films originating from the People's Republic of China ("China") and India. Eight Chinese exporters, including Fuwei Films, are required to participate in this review. The Company has already engaged legal counsels to actively respond to the review till now.
In 2007, the Korean Trade Commission ("KTC") conducted an antidumping investigation of BOPET films originated from China and India. The final determination was made in September 2008, with Fuwei Films receiving an anti-dumping duty ("ADD") rate of 5.67%.
In 2010, Fuwei Films' sales to the Korean market were 1,031 tons, accounting for 17% of the Company's total exports volume.
"Expanding overseas markets is an important strategy for Fuwei Films," said Mr. Xiaoan He, Chairman and CEO of the Company. "We attach great importance to the Korean market. As a result, the Company will actively respond to this sunset review and vigorously seek a good outcome for the Company."
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei's BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.
Safe Harbor
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission which, among other things, include competition in the BOPET film industry; growth of, and risks inherent in, the BOPET film industry in China; uncertainty as to future profitability and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of the risk factors.
For more information, please contact:
In China: | |
Ms. Amy Gao | |
Investor Relations Manager | |
Phone: +86-10-6852-2612 | |
Email: [ fuweiIR@fuweifilms.com ] | |
In the U.S.: | |
Ms. Leslie Wolf-Creutzfeldt | |
Investor Relations | |
Grayling | |
Phone: +1-646-284-9472 | |
SOURCE Fuwei Films (Holdings) Co., Ltd.
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