4/13/2009
HEADLINES
China Firm Targets Aerospace And Auto Fastener Markets
China Aerospace Science & Industry Corp. (CASIC) and China Minmetals plan to invest an additional CNY 60 million (US$8.8 million) into fastener joint venture Suzhou Tianlong Group, according to SinoCast.
The capital will be used to establish a manufacturing base of high-end fasteners for the automotive and aerospace industries.
“Involving a total designed investment of CNY 280 million (US$41m), the project is expected to help Tianlong Group increase its annual sales to CNY 1 billion (US$146m),” SinoCast reports.
Insiders say the project lays the foundation for the company’s listing scheme within the next five years, along with the group’s annual sales target of CNY 5 billion (US$732m) within a decade.
Tianlong Group, which was started in 2004, reportedly has started building its new facility.
Founded in 1950, China Minmetals deals worldwide in development, production, trading and operation for metals and minerals, achieving 2007 sales of RMB 7.1 billion yuan under the leadership of President Zhou Zhongshu.
CASIC is a state-owned enterprise with more than 270,000 employees.
Related Links:
Share: