Chinese fiberglass producer Chongqing Polycomp International Corporation (CPIC) has acquired full ownership of its Moroccan subsidiary PGTEX Morocco, located in Tangier. The company purchased the remaining 49% stake for 712 million yuan (about $110 million), according to a filing with the Shenzhen Stock Exchange.
The acquisition was completed despite the European Union's imposition of countervailing duties on Chinese fiberglass products. PGTEX Morocco, which manufactures fiberglass fabrics, is strategically positioned to serve European markets, and the move underscores CPIC's commitment to maintaining its presence in the region.
CPIC, a subsidiary of China Jushi, is one of the world's largest fiberglass producers. The full ownership of PGTEX Morocco is expected to streamline operations and enhance the company's ability to respond to market demands in Europe and North Africa.
The deal reflects a broader trend of Chinese manufacturers investing in overseas production facilities to mitigate trade barriers and strengthen global supply chains.
