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Lucky Film in CASC merger
Source: Xinhua |
September 24, 2011, Saturday
|
Print Edition
Print Edition
CHINA'S Lucky Film Corporation, a long-time rival of Kodak and Fujifilm, became a wholly-owned subsidiary of China Aerospace Science and Technology Corporation (CASC) yesterday.
Lucky Film's merger with CASC is part of China's efforts to restructure its state-owned enterprises.
Zhang Jianheng, general manager of Lucky Film, said the deal with CASC will create new business opportunities for Lucky Film as both companies are highly-related in the fields of new materials and new energy and the two firms are complementary in resources.
Founded in 1958, Lucky Film survived as China's only color film material producer, but the invention of the digital camera drove down profits in the film material industry.
Since 2005, sales of Lucky Film's traditional color film materials have dropped by 30 percent annually. With 7,300 employees, Lucky Film saw revenue shrink to 3.4 billion yuan (US$532.6 million.)
In recent years, Lucky Film has shifted toward developing optical thin films, printing materials, and photographic chemicals.
Lucky Film's merger with CASC is part of China's efforts to restructure its state-owned enterprises.
Zhang Jianheng, general manager of Lucky Film, said the deal with CASC will create new business opportunities for Lucky Film as both companies are highly-related in the fields of new materials and new energy and the two firms are complementary in resources.
Founded in 1958, Lucky Film survived as China's only color film material producer, but the invention of the digital camera drove down profits in the film material industry.
Since 2005, sales of Lucky Film's traditional color film materials have dropped by 30 percent annually. With 7,300 employees, Lucky Film saw revenue shrink to 3.4 billion yuan (US$532.6 million.)
In recent years, Lucky Film has shifted toward developing optical thin films, printing materials, and photographic chemicals.
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