Currently, Hebei Tengsheng Paper, the subsidiary of the company, is executing an agreement that purchasing pulp paper from Asia Symbol.
IT Tech Packaging, (NYSE MKT: ITP) (“IT Tech Packaging” or “the Company”), a manufacturer and distributor of diversified paper products in North China, today announced that the Company and Asia Symbol (Shandong) Pulp and Paper Co. Ltd. (“Asia Symbol”), which is a pulp paper supplier of the Company, agreed to further cooperation into aspects of technologies and enterprise supply chain, based on the existing pulp paper supply cooperation. Currently, Hebei Tengsheng Paper Co. Ltd. (“Tengsheng Paper”), the wholly-owned subsidiary of the Company and focusing on manufacturing and distribution of tissue paper, is executing an agreement that purchasing pulp paper from Asia Symbol.
The new partnership specifically involves technology exchange between ITP and Asia Symbol on a regular basis, and ITP’s adding into Asia Symbol’s supply chain traceability system to make sure products’ quality and environmental requirements.
Asia Symbol is a leading producer of pulp and paper established in China in 2005. Using renewable fibre that is sourced responsibly, Asia Symbol employs the latest technology to save energy and operate in harmony with the environment, which the Company is and will be practicing in its environmental protection cause.
Mr. Zhenyong Liu, Chairman and Chief Executive Officer of IT Tech Packaging commented, “We believe the partnership with Asia Symbol which has world-leading technologies of pulp and paper manufacturing will not only benefit the sustained supply of pulp paper as raw materials to our tissue paper products, but also enhance our technologies and product quality. “
Source: Company Press Release