Mitsubishi Heavy Industries Co., Ltd. has recently signed an agreement with Zibo Hengxing Mechanical and Electrical Equipment Co., Ltd., which is a manufacturer of pulp and paper in China, to establish a JV in Zibo, Shandong Province, dealing with the manufacture, sales and after-sales services of paper machines. The JV is named Mitsubishi Heavy Industries-Hengxing Paper Machinery Co., Ltd. with total investment of about 700 million yen. The JV is planned to put into use in Oct. To be specified, Mitsubishi holds 60% of the shares and will be responsible for the management and operation of the JV, and Zibo Hengxing holds the left shares. The new JV will produce and sell medium paper machine, and the order target is 2 billion yuan in recent 4 years. The JV will expand the sales of medium paper machine in the market of China, and it will become the after-sales services base for large paper machines of Mitsubishi Heavy Industries.
Reported by BidLink