In California, Kiwa Bio-Tech Products Group Corporation signed an equity purchase agreement with Yantai Peng Hao New Materials Technology Co., Ltd to acquire a new factory in Penglai city, Yantai apple’s main producing area, in Shandong, China for $2.2 Million. The factory will be completed in accordance with Kiwa’s construction plan for the production design of combining microbial fermentation and terminal fertilizer products.
The factory covers almost six acres, with eight thousand square meters of standardized steel plant. When fully implemented, the factory will produce approximately 200,000 tons of Kiwa fertilizer products every year, primarily for sale to the Yantai fruit cultivation base.
Mr. Yi Wang, the Director of Agriculture Department of Penglai City observed that “Due to excessive consumption of chemical fertilizers in recent years, the soil of Penglai region has been faced with issues, which we believe that the use of Kiwa’s biological fertilizer production base will ameliorate.”