CDI Wanda creates joint venture to expand tire recycling
China Direct, Inc., a United States company that owns
controlling stakes in a diversified portfolio of Chinese entities and
assists Chinese businesses in accessing the United States capital markets,
announced that its majority-owned subsidiary, CDI Wanda New Energy Co.,
Ltd. (CDI Wanda) has created a new joint venture as it moves into the
next phase of development for its tire recycling operations.
Under the terms of the agreement, CDI Wanda and China Direct will invest
a total of $750,000 over the course of the next six months to create
facilities initially capable of processing 6,000 metric tons of waste
tires annually. Upon successful operation of the initial processing line,
management at CDI Wanda will look to add additional plants in locations
throughout China and steadily increase capacity.
The new joint venture, named Yantai CDI Wanda Renewable Resources Co.,
Ltd. (Yantai Wanda), will be located in the Yantai development zone and
industrial park which currently receives incentives and support from
the state government for project establishment in renewable resources.
Additionally, the company will apply for the State’s high-tech industry
funding which if received, could accelerate the growth of operations.
The executive team at CDI Wanda has already been in discussions with
potential joint venture partners in Japan, Australia and the United States
to establish international points of presence in order to further validate
this important technology. Management of China Direct plans to closely
monitor the developments at Yantai Wanda and fully support any opportunistic
growth possibilities that may arise.