Oxbow Carbon Acquires Majority Interest in Yantai Xiangyu
June 30, 2014
YANTAI, CHINA – Oxbow Carbon LLC (Oxbow) and Yantai Xiangyu Co. Ltd. (YX) announced Oxbow’s majority acquisition of the petroleum coke and coal divisions of YX and its affiliates, and have formed the new joint venture Oxbow-Xiangyu (Yantai) Energy Co. Ltd. (Oxbow-Xiangyu).
YX is the largest importer and distributor of petroleum coke in China, providing various grades of petroleum coke to glass factories, power plants, steel plants, calciners, and other industrial customers across the country. The company also owns pulverizer factories in Shandong and Sichuan provinces. YX was founded by Mr. Han Shujiang, who will continue to lead his current team as General Manager of Oxbow-Xiangyu. Mr. Gregory Kravitz, Senior Vice President of Oxbow Energy Solutions and based in China for more than one and half years, will be Chairman of the Board of the new JV.
Oxbow-Xiangyu will immediately establish the joint venture as the largest distributor of petroleum coke in China with direct access to end users throughout the country. The combination of YX’s market leadership in China and Oxbow’s global leadership in petroleum coke supply and sales will result in an unparalleled level of service and expertise for the JV’s customers and suppliers.
Terms of the transaction were not disclosed.
For further information contact:
Corporate Communications & Community Relations
Oxbow Carbon LLC
1601 Forum Place, Suite 1400
West Palm Beach, FL 33401