Suzhou SLAC to sell can production line equipment to ROK-based company

Suzhou SLAC Precision Equipment Co., Ltd. (300382.SZ) announced on Wednesday that it has recently signed a letter of intent with a company based in Republic of Korea (ROK) to sell its can production line equipment to the latter.

According to the letter of intent, the deal covering the equipment sales and the installation and commissioning services is estimated at about 340 million yuan (about 53.11 million U.S. dollars) in total.

The buyer Hanil Can Company is the largest metal packaging supplier in ROK. It was established in 1968 and mainly produces packaging products such as cans, easy-open ends, and PET. It has currently owned three production bases in ROK, with a market share of more than 50 percent.

As of June 11, 2021, the Shenzhen-listed company has received an initial payment of 5 million U.S. dollars from Hanil Can Company.

The listed company said that the letter of intent is of great significance to its further development of the can production equipment market.

Suzhou SLAC Precision Equipment was incorporated in 2004 and is engaged in the design and production of high-end equipment sets for easy open ends to be sold worldwide.