Chinese authorities have decided to merge the China Printing Group Corporation (CPGC), a state-owned printing enterprise, and China Guoxin Holding.
China daily News reports that the CPGC will become a wholly owned subsidiary of Guoxin under the deal, according to a statement posted on the website of the State-owned Assets Supervision and Administration Commission (SASAC). The SASAC gave no further details on the merger.
The CPGC, founded in February 2003, was a leader in the nation's printing industry, with its business scope covering printing and packaging, printing equipment production and sales, trading of printing goods, as well as research and development of printing technology.
According to authorities, China Guoxin, set up in December 2010, plays an important role in the restructuring of China's state-owned enterprises under the SASAC. It took over China Huaxing Group in May 2011.