April 12, 2010 (FinancialWire) — China Valves Technology, Inc. (NASDAQ: CVVT), a Chinese metal valve manufacturer, said it has completed the acquisition of Shanghai Pudong Hanwei Valve Co., Ltd., a Shanghai-based valve manufacturer for around $21 million.

According to China Valve, Hanwei Valve holds several patents for high-tech valve specifications in the petrochemical and bioengineering industries.

Through the transaction, China Valve has acquired 100% of the assets of Hanwei Valve and will consolidate Hanwei Valve's operations into its financial results effective April 8. For fiscal year 2010, the company expects Hanwei Valve to contribute $20 million in revenue and $5 million in net income.

Hanwei Valve was established in 1992 and produces more than 20 series of valve products in over 6,000 different sizes. Its main products include ball valves, check valves, butterfly valves, gate valves and other general purpose valves for a range of applications, including oil refineries, chemical production and transport, electric power plants, and water supply.

Siping Fang, chairman and CEO of China Valves, said "The acquisition of Hanwei Valve is an important step toward diversifying our product portfolio by adding sophisticated products and patented applications, to improve our position in key end-user markets such as the petrochemical industry.”

Beijing-based China Valves Technology, through its subsidiaries, is engaged in development, manufacture and sale of metal valves for the electricity, petroleum, chemical, water, gas and metallurgy industries.

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