07/25/2013 12:42 EDT | Updated 09/23/2013 05:12 EDT

Imax, Chinese partner announce plan to open 120 new cinemas in China

BEIJING, China - Imax and a Chinese partner plan to open up to 120 giant-screen cinemas in China's fast-growing film market.

Imax Corp. (TSX:IMX) and Wanda Cinema Line Corp., Asia's biggest cinema operator, said Thursday the agreement will make Wanda the biggest international Imax operator, with as many as 210 screens operating or planned.

Financial terms were not disclosed.

Wanda Cinema is a unit of Wanda Group, which in 2012 acquired U.S. cinema chain AMC Theatres.

The latest agreement calls for installation of Imax's next-generation laser projection system in 80 of the planned 120 theatres.

Imax, with headquarters in New York, Toronto and Los Angeles, announced a deal this month with a unit of CJ CGV, which operates South Korea's biggest cinema chain, to add 35 theatres in China and five in South Korea.

Wanda Cinemas operates 119 cinemas with 1,100 screens and reported revenue of 1.6 billion yuan ($260 million) for the first half of this year.