German multinational Siemens has teamed up with China's largest high voltage switch producer to launch a high voltage switch joint venture in Shanghai.
The Shanghai Siemens High Voltage Switchgear Ltd. has an investment of nine million U.S. dollars, with Siemens holding 51 percent of the stakes, and the Chinese partner, Shanghai Huatong Switch Factory, 49 percent.
Siemens sources said it was the first time the firm would produce its top quality switch products outside Germany and the joint venture's technical progress would be synchronized with the German plant.
The new joint venture expects a turnover of 170 million yuan (20 million US dollars) and a 45-percent market share in China in its first year of operation.
Siemens now operates more than 40 companies in China, with morethan 20,000 employees and a turnover of 3.1 billion US dollars in 2001.
(China Daily July 6, 2002)
