IMAX to open 75 more theaters in China

[March 24, 2011]  BEIJING (AP) -- IMAX Corp. has announced plans to open 75 more theaters in China within four years in partnership with Wanda Cinemas, the country's largest theater operator.

The deal signed Thursday in Beijing underscores the rapid expansion of the Chinese movie industry. There was no disclosure of the monetary value of the expansion plans.

IMAX, known for its large format film technology, currently has 45 theaters open in China. It expects to have 300 theaters operating in the country by 2016.

CEO Richard Gelfond said China is the company's fastest growing market, and the deal means Wanda will be the single largest operator of IMAX theaters outside the United States.

[Associated Press]

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