Shiner International Announces Acquisition of Water-Based Coatings Manufacturer (BEST)

Shiner International, Inc. BEST, an emerging global supplier of packaging solutions for food, tobacco, and consumer products, today announced that it has acquired 100% of the stock of Shimmer Sun Ltd. for $3.2 million in cash. The acquisition gives Shiner a 65% controlling interest in Shimmer's subsidiary company, Ningbo Neisuoer Latex Co., Ltd. Ningbo Neisuoer is a recognized leader in the field of specialty water-based coatings, which are used to produce advanced coated films. Based in Ningbo, the capital of Zhejiang Province, Ningbo Neisuoer was founded in 2007 and employs approximately 35 staff. Its R&D team was issued the only patent for polyvinylidene chloride, a coating polymer widely used in food packaging, in China. Ningbo Neisuoer expects 2011 sales to be approximately 35 million RMB ($5.3 million USD) with a 35% gross margin.