Delphi Form Joint Venture Expand Half-Axle Capacity
Resource from: cbcc-yinx Likes:3002
Dec 21,2006
Delphi Form Joint Venture Expand Half-Axle Capacity
On Dec. 20, Delphi announced that they will establish a joint venture with Lingyun Industrial Corporation to produce half-axle for Chinese customers. The new company will locate in Wuhu, Anhui province. Delphi hold 60 percent of total shares, Lingyun take the other 40 percent. This joint venture, Shajinuo Lingyun Half-Axle Wuhu Co.,Ltd, is the second one formed by Delphi and Lingyun in their 10 years' long partnership.
According to the contract, total investment on the joint venture hit USD40 million. Covering an area of more than 10,000 square meters, the company is expected to be put into production in 2008.
James Ray, director of Delphi half-axle department, said that the new company will employ about 500 workers and Delphi's capacity of half-axle would be doubled when the new joint venture began formal operation. James has been the chairman of the existing joint venture and will take the same position in the newly founded one.
Besides, James added:"products of the new company will be used to supply customers in Asian and Pacific region. To setup the second joint venture is also to meet the increasing demand in Asian and Pacific region."
Lingyun Industrial Corporation Limited was established in May, 1995. (Stock No.600480) It was initiated by Hebei Lingyun Industry Group Co., Ltd. Belonging to China Ordnance Industrial Corporation, Auto (No.5) Co., Ltd, Beijing Gas Group Corp Ltd., China Municipal Engineering North Researching Institute, and China Municipal Engineering Southwest Researching Institute. It was published in the Shanghai stock exchange in Aug .15th, 2003. Its registered capital is 312 million RMB. At present, it possesses 18 branch corporations and its annual turnover is over 1 billion RMB.
Lingyun Corporation mainly manufactures two series of products including automotive components and PE pipe system. It takes the lead in China in developing and manufacturing automobile rolling parts and PA-11 automobile pressure tube assemblies with world advanced level.
(cbcc-yinx)
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