China Travel & Tourism News
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New ABB joint venture to operate next year
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| 23-Dec-2005 - Xinhuanet |
ABB, the Switzerland-based power and automation technology group, announced its 25th branch in China, a new tractive transformer joint venture in China, will start production in August, 2006, said Beijing News.
The Chinese language newspaper said that ABB has just signed a contract with China's Datong Electronic Locomotive Co., Ltd. on establishing the Datong ABB Tractive Transformer Co., Ltd.
The new company has a total investment of 15 million U.S. dollars, with each party investing half of the total.
The new company will produce and sale ABB tractive transformers specially in the Chinese market, said sources with ABB's China Office.
From now to the year 2020, the Chinese government will invest atotal of 240 billion dollars on railway transport, with one-third to be used to purchase locomotives and trains.
ABB's China Office predicts that its tractive transformers will have a large share of the market in China.
ABB's total investment in China has exceeded 600 million dollars, and the company plans to input another 100 million dollars in China before 2008 for developing new products and opening new plants.
Based in Taiyuan, capital of north China's Shanxi Province, the Datong Electronic Locomotive Co., Ltd. is one of China's key bases for electronic locomotives
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| 23-Dec-2005 - Xinhuanet |
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