Reed Sinopharm JV announced

Reed Exhibitions Chairman Mike Rushbridge is in Beijing to announce the formation of a ground-breaking joint venture with the China National Pharmaceutical Group Corporation's (“Sinopharm”) China Pharmaceutical Exhibition Corp. Reed says that the new Reed Sinopharm Exhibitions will be the first joint venture between a foreign private company and a Chinese state-owned enterprise in the exhibition industry in China.

Update: The press release issued today reveals that Reed has acquired 50% of CPEC from Sinopharm to form the new venture. CPEC will bring 11 exhibitions into the joint venture. Its reported revenues in 2004 were $20 million.