Shanghai Richina-Prime agreement ends
10/03/2009
One of the consequences of Prime Tanning Company’s restructuring is that its agreement to share some sales and facilities with Shanghai Richina Leather (SRL) is over.
The two companies presented the idea at the end of March 2008 as an agreement to merge resources from both sides to form Prime Leather International, which they said would become one of the leading suppliers of leather worldwide. The transaction was expected to close in the fourth quarter of 2008, but one of the announcements Prime made at the time of chief executive, Robert Moore, and the sale of its wet blue tanning facility to a subsidiary of National Beef, was that the deal with SRL would not go ahead after all.
The announcement said this decision was by mutual consent.
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