McVicar Industries Sells Stake in Chinese Joint Venture for US$850,000

Toronto-based McVicar Industries Inc. announced that it has obtained Chinese government approval of McVicar’s withdrawal from the joint venture with Sino Lion (USA) Ltd. in Sino-Lion Nanjing Ltd. The company’s 27% equity interest in Sino Lion Nanjing Ltd. was sold for a cash consideration of US$850,000 to a holding company controlled by one of the directors of Sino Lion (USA) Ltd. McVicar Industries Inc. focuses on the research, production and marketing of specialty chemicals through its China-based subsidiaries. The market segments the company services include personal care, pharmaceutical and industrial markets.