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Tianyang New Materials to Sell Jiangsu Defarui Unit to Changshu Zhengtai Textile

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Tianyang New Materials (Shanghai) Technology (SHA:603330) will transfer its entire stake in Jiangsu Defarui New Materials Technology to Changshu Zhengtai Textile, according to a Thursday filing with the Shanghai bourse.

The parties will still negotiate the acquisition price.

Zhengtai will pay a deposit of 30 million yuan to the listed company prior to due diligence, and will pay a due diligence deposit of 10 million yuan upon signing.

Jiangsu Defarui New Material Technology develops automotive interior fabrics, as well as curtains, composite, and clothing fabrics, among others.

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