Wuxi Haopu Titanium Industry signs suspension compensation agreement
2018-12-18 17:49:46 [Print]
CNNC Hua Yuan Titanium Dioxide Co., Ltd. announced on December 17th that its wholly-owned sub-subsidiary Wuxi Haopu Titanium Industry Co., Ltd. ("Haopu") received relevant notice from the government of Xibei Town, Xishan District, Wuxi City ("the Government") and was required to halt production before October 30th and dismantle major production equipment of titanium dioxide.
Considering Haopu has halted production as required, the Government (first party) and Haopu (second party) signed Suspension Compensation Agreement ("the Agreement"). According to the Agreement, Haopu shall undertake that after the suspension, it will not carry out any production activities of chemical projects at the current site of the plant and shall deal with the removal, dismantle, transportation, and disposition of its equipment on its own; the Government will pay a total of 81.5 million yuan as a compensation before December 20th.
Considering Haopu has halted production as required, the Government (first party) and Haopu (second party) signed Suspension Compensation Agreement ("the Agreement"). According to the Agreement, Haopu shall undertake that after the suspension, it will not carry out any production activities of chemical projects at the current site of the plant and shall deal with the removal, dismantle, transportation, and disposition of its equipment on its own; the Government will pay a total of 81.5 million yuan as a compensation before December 20th.
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