BEIJING, Feb. 18, 2011 /PRNewswire-Asia-FirstCall/ --
Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or
the "Company"), a manufacturer and distributor of high-quality
BOPET plastic films in China,
today announced the final results of the first round antidumping
administrative review regarding BOPET films conducted by the US
Department of Commerce ("USDOC").
On January 23, 2010, the USDOC
began the first round routine annual review of Chinese BOPET
exporters, and Fuwei has been actively responding to this review.
Fuwei receives the lowest anti-dumping duty (ADD) rate of 30.91% in
this review, while the ADD rate of other four Chinese companies is
more than 36.93%.
In accordance with relevant laws and regulations in the US, the
ADD rate of final results will retroactively apply to those US
companies which imported Chinese-exported BOPET films, including
Fuwei Films USA, LLC, during the period of first review, so these
US importers are obliged to pay a supplementary antidumping duty at
this ADD rate.
In 2007, USDOC conducted an anti-dumping investigation of BOPET
films manufactured in China. In
September 2008, their final decision
was released and Fuwei received the anti-dumping duty (ADD) rate of
3.49%. Since 2007, the percentage of Fuwei's export business to the
US has declined substantially. In 2010, sales to the US market
represented less than 1% of Fuwei's annual total sales volume.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned
subsidiary Shandong Fuwei Films Co., Ltd. ("Shandong Fuwei").
Shandong Fuwei develops, manufactures and distributes high-quality
plastic films using the biaxial oriented stretch technique,
otherwise known as BOPET film (biaxially oriented polyethylene
terephthalate). Fuwei's BOPET film is widely used to package food,
medicine, cosmetics, tobacco and alcohol, as well as in the
imaging, electronics, and magnetic products industries.
For more information about the Company, please visit the
Company's website at http://www.fuweiholdings.com.
Safe Harbor
This press release contains information that constitutes
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Any such forward-looking statements involve risk and uncertainties
that could cause actual results to differ materially from any
future results described by the forward-looking statements. Risk
factors that could contribute to such differences include those
matters more fully disclosed in the Company's reports filed with
the Securities and Exchange Commission. The forward-looking
information provided herein represents the Company's estimates as
of the date of the press release, and subsequent events and
developments may cause the Company's estimates to change. The
Company specifically disclaims any obligation to update the
forward-looking information in the future. Therefore, this
forward-looking information should not be relied upon as
representing the Company's estimates of its future financial
performance as of any date subsequent to the date of this press
release.
The forward-looking statements included in this press release
are subject to risks, uncertainties and assumptions about our
businesses and business environments. These statements reflect our
current views with respect to future events and are not a guarantee
of future performance. Actual results of our operations may differ
materially from information contained in the forward-looking
statements as a result of risk factors some of which are include,
among other things, competition in the BOPET film industry; growth
of, and risks inherent in, the BOPET film industry in China; uncertainty as to future profitability
and our ability to obtain adequate financing for our planned
capital expenditure requirements; uncertainty as to our ability to
continuously develop new BOPET film products and keep up with
changes in BOPET film technology; risks associated with possible
defects and errors in our products; uncertainty as to our ability
to protect and enforce our intellectual property rights;
uncertainty as to our ability to attract and retain qualified
executives and personnel; and uncertainty in acquiring raw
materials on time and on acceptable terms, particularly in view of
the volatility in the prices of petroleum products in recent
years.
For more information, please
contact:
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In China:
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Ms. Amy
Gao
Investor Relations
Manager
Phone:
+86-10-6852-2612
Email:
fuweiIR@fuweifilms.com
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In the U.S.:
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Ms. Leslie
Wolf-Creutzfeldt
Investor Relations
Grayling
Phone:
+1-646-284-9472
Email:
leslie.wolf-creutzfeldt@grayling.com
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SOURCE Fuwei Films (Holdings) Co., Ltd.