ZXY Bearing: Bought 800 mu of Land to Expand Workshop

Resource from: CBCC Likes:3163

Jan 17,2011

The board of Xiangyang Automobile Bearing Co., Ltd. (abbreviated to ZXY Bearing)(000678) has audited and passed the Proposal on Purchasing Land Asset to Expand New Workshop on Jan. 14th. The company is to bid for the right to use the land of 800 mu (about 133.33 acres) on the north of Dengcheng Avenue in Xiangyang, Hubei Province. They need 166 million yuan to bid for the land and 63 million yuan for the investment in expanding new workshop. ZXY Bearing suggested that for almost then years, as the rapid development of Chinese bearing industry, the competition in domestic bearing market become increasingly fierce, and the economic structure in bearing industry has made great change. In recent years, the larger bearing manufacturers in China have moved and expanded in succession, in order to adjust the industrial structure and improve the economic benefit. They did achieved obvious effect. ZXY Bearing is at full capacity at present without unused equipment. Meanwhile, as the rapid development of the company in these years, the workshops have almost been engaged, without developing space.So it is in dire need of building new workshop, improving the processing equipment and expanding production.

(CBCC)

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