China ZWZ Signed Letter of Intent on Joint Venture with Japan JTEKT
Resource from: CBCC Likes:2914
Sep 29,2010
On Sept. 28th, 2010, Wafangdian Bearing Group Co., Ltd.(hereinafter refers to ZWZ Group) and Japan JTEKT Co., Ltd.(hereinafter refers to JTEKT) hve signed letter of intent on joint venture.
In recent years, ZWZ Group has aimed at the large bearing group with international competition, taken the development of supporting bearings for 16 national key technological equipment fields as the orientation, carried out technology reformation and structure adjustment in large scope and established "ZWZ Group Precision Technology and Manufacturing Industria Park" and "ZWZ Group Precision Technology and Manufacturing (Dalian) Industrial Park". This year the company started to speed up the construction of national large bearing engineering technology research center and new zone of ZWZ precision technology and manufacturing industrial park. During the course, ZWZ group strengthened merging, unition, introducing and absorbing, energetically impel the course of internationalization.
As the solid growth of Chinese economy, China bearing industry has entered into the rapid development period, especially, the rapid development of the automobile industry, railway industry and new energy industry brings wider market for the bearing products. ZWZ Group and JTEKT both hope to enter into these important markets earlier. The two parties has established joint venture---Koyo Wazhou Automobile Bearing Co., Ltd.(KWA) in 1996 and achieved good performance. Based on this venture, the two parties signed letter of intent again to establish commom market, common technology, common manufacturing and common benefit in Chinese bearing market. They will cooperate on three aspects. One is the car bearing project. they will establish joint venture in Dalian to produce car wheel hub bearings, car gear box and car engine bearings,etc. The total investment will be 1 billion RMB, in which the two companies will be 50% each; and the market aim is that the market share of the car bearing products mentioned above will be the highest in the industry. The second is the high speed railway bearing project, including the wheel hub bearing and gear box bearing for high speed train. The cooperation method is to establish joint venture, of which, ZWZ Group will control the shares. The third is railway lorry bearing, wind power beairng as well as medium and large forgings project. The two parties will cooperate in the way of supply chain.
The operation committee and sales team established by the two companies have started the work. It is predicted that the joint venture contract on car bearing will be signed in three months and form the production capacity as soon as possible to meet the requirement of market growth.
(CBCC)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous Production & Sales of Xiangshui Three Sets Axle Won the First Place for Five Times
Next Xinxiang Risheng Co., Ltd Participated in the 2010 China International Bearing Industry Exhibition (pic)
Next Xinxiang Risheng Co., Ltd Participated in the 2010 China International Bearing Industry Exhibition (pic)
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
