ThyssenKrupp to Build Crankshaft Plant in China

Resource from: CBCC Likes:2923

Aug 30,2007

ThyssenKrupp to Build Crankshaft Plant in China GERMAN industrial conglomerate ThyssenKrupp plans to invest about 130 million euros (US$176 million) to develop its own production site for truck crankshafts in Nanjing, the company said yesterday. An agreement was signed during German Chancellor Angela Merkel's trip to China, according to a spokesman for ThyssenKrupp. The plant could employ up to 1,000 people and make some 345,000 crankshafts per year once it goes on stream in the second half of 2009. ThyssenKrupp, which has been manufacturing automotive parts in China since 1995, has held since the end of 2004 a 34 percent stake in a Huizhou-based joint venture with Japan's Sumitomo Metal and Sumitomo Corp. that builds about 800,000 car crankshafts per year for clients Honda and Suzuki. The group's Technologies division, which includes its crankshaft operations, plans a total of 2 billion euros in project-related investments by the end of September 2010, backdated to include its fiscal 2005/06 year. Technologies posted stable profits for the nine months to end-June, as earnings before tax increased 2.6 percent to 155 million euros in the third quarter due partly to weaker U.S. demand for castings and crankshafts.

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