Dec 08, 2009. /Lesprom Network/. Orient Paper, Inc. announced the acquisition of digital photo paper plant assets. The company entered into an asset purchase agreement on November 25, 2009 to gain ownership of all assets owned by Hebei Shuangxing Paper Co., Ltd., including two coating production lines of digital photo paper. The purchase price for the production lines is RMB 93 million (approximately $13.6 million). The company plans to commence operations using the newly acquired equipment in the 1Q 2010, following completion of maintenance and integration. Orient Paper expects the digital photo paper segment to generate high gross profit margin and substantial net income for fiscal year 2010. The company intends to fund the acquisition with the proceeds of its recent financing and cash from operations. "We are pleased to announce our entry into the digital photo paper market. The digital photo paper segment is a high end and profitable market that presents attractive growth potential," said Mr. Zhenyong Liu, Chairman and CEO of Orient Paper. "We believe the digital photo paper segment will significantly contribute to our revenue and net income growth in fiscal 2010. We maintain a positive growth outlook as we expand our operations and product offering with continued focus on quality and efficiency." Orient Paper, Inc., through its wholly owned subsidiaries, Shengde Holdings, Inc. and Baoding Shengde Paper Co., Ltd., controls and operates Hebei Baoding Orient Paper Milling Co., Ltd.