Maanshan FangYuan Slewing Ring Co.,Ltd Will Establish JV Company

Resource from: CBCC Likes:3042

Sep 17,2008

Maanshan FangYuan Slewing Ring Co.,Ltd announced that it had signed a joint venture agreement with Changsha Yate Slewing Bearings Manufacturing Co. Ltd on the establishment of Changsha Fangyuan Slewing Ring Co. Ltd. that will manufacture and sell slewing rings. The joint venture will have registered capital of RMB 60 mln, in which Maanshan FangYuan Slewing Ring Co.,Ltd will invest RMB 36 mln in cash, accounting for 60%, and Changsha Yate will invest RMB 24 mln in assets, including plants, land use rights and equipment, accounting for 40%. The joint venture is projected to produce 25,000 sets of slewing rings annually and to generate an annual sales revenue of RMB 175 mln, with annual profits of RMB 48 mln.

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