China Green Material Technologies Inc., a leading Chinese manufacturer of starch-based biodegradable packaging products, has signed a distribution agreement with China-based QKL Stores Inc., a leading supermarket chain based in Northeast China.
Per the agreement, QKL will sell 15 of China Green’s products in all QKL stores. China Green’s products are already available in 11 provinces and 23 cities in China, and the current agreement with QKL expands the company’s retail presence in a region of more than 130 million people.
China Green is also taking measures to increase its production capabilities with the construction of a new facility.
“We are pleased to partner with one of the leading supermarket chains to make our products available to more consumers in Northeast China. With our new state-of-the-art production facility coming online later this year, we will be even better positioned to meet the rising demand for biodegradable products among Chinese consumers,” Su Zhonghao, CEO of China Green stated in the press release.
China Green’s starch-based biodegradable and disposable products are approximately 20 percent cheaper than paper-made products, driving increased consumer demand.
Shares of China Green climbed nearly 3 percent on news of the agreement, touching $1.40 in mid-day trading.
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