Longxi Bearing and Longen Linear Technology to form a joint venture specialized in rolling components
Under the contract, Malong Linear Technology will be provided with a total investment of 300 million yuan, including the registered capital of 100 million yuan. Wherein, Longxi Bearing will invest 170 million yuan, accounting for 85% of the total share; Longen Linear Technology will invest 30 million yuan, accounting for 15% of the total share. Longen Linear Technology is entitled to unilaterally increase its total investment to hold 40% of the registered capital of the joint venture under the contract price.
Longma Linear Technology will focus on the R&D, production and sales of ball screws, linear rails and related products. A rolling components project planed with the annual capacity of 1.82 million units of rolling components will be carried out with the total investment of 290 million yuan, including the construction investment of 194 million yuan and the working capital of 93.84 million yuan.
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