Shougang Group Accesses Automobile Parts Industry

Resource from: CBCC Likes:2941

Jun 24,2010

“We will continue to keep the leading advantage and competition of U.S. Delphi Corporation in the automobile suspension and brake fields and seek for the new resource and new opportunity in the auto parts industry. Auto parts industry will become one of the pillar industries of Shougang Group in the future.” Zhu Jimin, the Chairman of the Board of Shougang Group declared on the Shanghai International Auto Parts Expo held on June 21st . On the expo, Beijing Jingxi Heavy Industry Co., Ltd. (BWI) of which Shougang Group holds 51% stocks made its first appearance and attracted the attention of the industry. In March, 2009, BWI successfully purchased the automobile suspension and brake business of U.S. Delphi Corporation and created the sales value of 160 million U.S. dollars in the first quarter this year. It is predicted tha t the sales of BWI in 2010 will exceed 600 million U.S. dollars and will invest in the world first class automobile shock absorber manufacturing plant in Fangshan District in Beijing. On the basis of keeping the original customer, BWI has continuously expanded the new business. It is learned that on May 27th, the shock absorber plant invested by BWI has started the installation of equipments. The plant will provide shock absorber in next March to the domestic automobile plants such as Geely and Foton,etc. The plant was invested in 360 million yuan in the first phase, which can produce 4 million shock absorber each year and 8 million each year after it starts the production completely.

(CBCC)

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