China Travel & Tourism News
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Siemens forms Shenzhen joint venture
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| 8-Jun-2005 - Xinhua |
Siemens Power Transmission and Distribution (PTD) and Shenzhen Baochang Power Supply Co. Ltd. signed an agreement Monday to form a joint venture to manufacture medium-voltage switchgear for South China. This move gives Siemens PTD access to the southern Chinese market for power supply systems, a market currently dominated by regional suppliers. The new joint venture, named Siemens Medium Voltage Switchgear Co. Ltd., will be located in Bao'an District. With 135 million yuan (US$16.3 million) in first-stage investment, its future production will be closely associated with the existing joint ventures Siemens Medium Voltage Switching Technologies Ltd. in Wuxi and Siemens Switchgear Co. Ltd. in Shanghai. Luis de Sousa, head of the medium voltage division at Siemens PTD said, "China's tremendous economic growth in the last few years has resulted in a large demand for energy. That is why China is planning further investment in its energy infrastructure. Our new joint venture will not only enhance our market position, but together with our partner Baochang, will help to increase stability, reliability and availability of the country's power supply." Founded in Shenzhen in 1991, Baochang Power Supply Co. Ltd. is a builder and operator of power plants. Last year, the company achieved sales of around 140 million euros (US$179 million). Siemens PTD is one of the leading global players in its market sector. The company is active in all fields of power transmission and distribution in China, and has three subsidiaries and eight further joint ventures in addition to this new venture with Baochang, giving the group considerable manufacturing capacity in the country. |
| 8-Jun-2005 - Xinhua |
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