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ABB Group expands investment in West China
2002-04-03
peopledaily.com.cn
The ABB Group of Sweden, the world's largest electrical transnational group, has decided to expand its investment in southwest China's Chongqing Municipality to meet increasing demand for its product, sources with the Chongqing ABB Transformer Co.,Ltd. have said.
Wang Naiqing, chairman of the Chongqing ABB company, said that the ABB Group has invested an extra US$10 million to increase production in Chongqing, and it will probably invest another US$10 million at the end of the year.
Wang said orders for company products have been increasing since 1998 which decided the ABB Group and its Chinese partner to expand.
The ABB has initiated 26 joint ventures in China. The group has155,000 employees in over 100 countries worldwide. The Chongqing ABB Transformer Co., Ltd., ABB's biggest joint venture in China, has a total investment of 950 million yuan (US$114.4 million), with 62 percent of its shares controlled by the ABB Group.
The general manager of the Chongqing ABB Transformer Co., Ltd. Tom Crisan said that he was confident about investing in Chongqingbecause the municipal government has spent large amounts of money building highways and wharves which his company can use. In addition Chongqing has excellent scientific research organizationsand several dozen schools of higher learning, which can help provide technical knowledge which is of use to his company.
As Chongqing is a heavy industrial base, local suppliers can provide 30 percent of the raw materials for ABB's products, Crisansaid.
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