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July 28th, 2009
- Joint Ventures
Luxembourg - ArcelorMittal trying to spin-off stainless steel business.
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| ArcelorMittal is trying to right size its operation. After a decade of rapid expansion through a string of acquisitions including the €26.9billion purchase of Arcelor of Luxembourg in 2006, the company is now reported to be exploring a joint venture spin-off of its stainless steel business, at one time estimated to be worth $3billion. There are other signs that the world’s biggest steelmaker is contemplating scaling back in response to the recession and that Mr. Mittal the controlling shareholder is now weighing up whether the expansion program he embarked on might have gone too far in light of the downturn in the economy and the likelihood that the steel industry will be left with overcapacity for years. Financial Times reports that
ArcelorMittal is evaluating “various options” related to its stainless steel division but had “no intention” of disposing of the business completely. It is speculated that Posco is one company with which Mr. Mittal has discussed a possible joint venture. Posco of South Korea, the world’s sixth biggest steel company, has a large stainless division, another joint venture candidate could be Outokumpu of Finland, one of Europe’s leading stainless steel companies. Financial Times reported that Posco said it was “not reviewing” ArcelorMittal’s stainless steel operations “at this stage” and Outokumpu did not comment.
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March 27th, 2009
- Joint Ventures
Copenhagen Denmark - NKT Cables expands Chinese production of high voltage cables
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| NKT Cables signed a conditional agreement Thursday with a Chinese partner concerning sales and production of high voltage cables in China. The agreement provides for the establishment during the months ahead of a joint venture company owned 51% by NKT Cables and 49% by the Chinese partner. We view this cooperation as a unique and attractive way of creating a foothold for NKT Cables in the expanding Chinese market for high voltage cables (> 110 kV). The investment must also be viewed in context with NKT Cables’ existing Chinese sales and production of medium voltage cables and catenary wires for high speed trains. A stock market announcement will be issued, when establishment of the joint venture company and transfer of the cable factory are finally completed.
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March 4th, 2009
- Joint Ventures
Paris France - Nexans signs final J/V agreements with Polycab, India~{!/~}s largest cable company
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| Nexans, a worldwide leader in the cable industry, has announced the signature of the final agreements with Polycab, India~{!/~}s largest cable company, for the creation of a joint venture to be majority-held by Nexans and managed in close cooperation with its Indian partner. The joint venture, with its headquarters in Vadodara in the state of Gujarat, will cover the manufacture and marketing of special cables for the shipbuilding, material handling, railway and windpower industries.
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November 6th, 2008
- Joint Ventures
Kortrijk Belgium - Bekaert and Angang Steel Establish Steel Cord Joint Venture
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| Belgium’s Bekaert Group and China’s Angang Steel Company are reported to have formerly established a joint venture company on October 30. Called Angang Bekaert Tire Cord Co, the new venture is situated in Chongqing’s Shuangqiao Industrial Park and will engage in wire rod processing and the production of tire cord for the domestic market (see also press release May 28 2008 re Memorandum of Understanding). Located in Shuangqiao Industrial Park in Chongqing, the set up of the JV is targeting to build a major wire rod processing base and produce high value added and high-quality tire cords catering for domestic auto and motor makers' increasing appetite. With designed annual capacity of 0.1 million tonnes and output value of over CNY 2 billion, the phase 1 project is expected to start production in the first half of next year.
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November 3rd, 2008
- Joint Ventures
San Diego California - Rankin and Jinzhou Special form JV
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| Rankin Industries Inc announced that a JV agreement has been signed with Jinzhou Special Welding Electrode Co Ltd to form Rankin Alloy (Jinzhou) Co Ltd. The new company is created to offer China a reliable source of domestic manufactured, quality flux cored stainless steel and hardfacing welding wires, to provide a high level of technical support to customers, and provide leading hardfacing technology to the market.
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October 21st, 2008
- Joint Ventures
Tokyo Japan - Sumitomo Electric to set up optical fiber JVs in China
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| Japan's Sumitomo Electric Industries Ltd. said on Thursday last week it has agreed to set up three joint ventures with China's Futong Group Co. to beef up its optical fiber business there. The joint ventures are Hangzhou SEI-Futong Optical Fiber Co. of Zhejiang Province, Chengdu SEI-Futong Optical Cable Co. of Sichuan Province, and Hong Kong SEI-Futong Holding Ltd.
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October 16th, 2008
- Joint Ventures
Amsterdam The Netherlands - Draka Holding NV signs new J/V agreement extending YOFC joint venture by 20 years
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| The Board of Management of Draka Holding N.V. announces that it has signed a new joint venture agreement which will extend the Yangtze Optical Fibre and Cable Co. Ltd (YOFC) joint venture by another twenty years until May 2028. In a reaction Sandy Lyons, Chairman and CEO of Draka, said: 'We are very pleased with this new agreement which underscores Draka's long term relationship with YOFC as a technology partner. Via YOFC, the market leader in optical fiber and optical fiber cable in China, Draka will continue to benefit from the sound growth prospects in the largest optical fiber market in the world.'
Draka has had a 37.5% stake in YOFC since 1988. The other shareholders in this joint venture are China Telecom (37.5%) and Wuhan Yangtze Communications Industry Group (25%).
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June 4th, 2008
- Joint Ventures
Cairo Egypt - El Sewedy, Aamal in Qatar cable joint venture
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| Egypt's El Sewedy Cables said yesterday it will establish a plant in Qatar for the production of power cables with a total cost of 820million Egyptian pounds ($150million). The project, which will produce low, medium and high voltage cables, will be financed 40% through equity and 60% by medium term loans, the company said in an e-mailed statement. El Sewedy Cables will hold 50% of the venture while Qatar’s Aamal Holding will own the remaining half. The plant will have an initial production capacity of 30,000 tonnes a year with the majority of production sold locally in Qatar and the rest exported to neighbouring Gulf countries, the statement said.
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June 3rd, 2008
- Joint Ventures
Paris France - Nexans creates a joint venture cable company in Qatar
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| Nexans, a worldwide leader in the cable industry, announced Monday it has signed a joint-venture agreement for the creation of a company producing in Qatar. This joint venture will generate revenues of about $150 million by 2010 at actual copper price on a market which is globally expected to grow by 10%
per year. The related new manufacturing plant, located in the industrial city of Mesaieed, 40 km away from Doha, will be Qatar’s first cable plant, employing 210 people.
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May 23rd, 2008
- Joint Ventures
Barcelona Spain - General Cable enters joint venture in Algeria
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| General Cable Corporation, announced Thursday that it has entered a joint venture for majority ownership of E.P.E / EN.I.CA.BISKRA/SPA (Enica Biskra), an Algerian state-owned manufacturer of low and medium voltage power and construction cable. Enica Biskra is a leading provider of utility cables to the principal Algerian state-owned power utility and gas producer. In 2007, the business generated over 70 million euros of revenue.
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February 20th, 2008
- Joint Ventures
Paris France - Nexans to enter into a joint venture with Polycab,
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| Nexans, announced it has signed a draft agreement with Polycab, a major Indian cable industry, for the creation of a joint venture that will be majority-held by Nexans and managed in close cooperation with its Indian partner. This joint venture, to be headquartered in Mumbai, will initially cover the manufacture and marketing of cables for the shipbuilding, material handling, railways and wind power industries as well as the marketing of cables manufactured by Nexans that were not part of Polycab’s portfolio. These activities are expected to generate sales of 50-60 million euros by 2011 and require some 25 million euros of investment. Production can later be extended to very high voltage terrestrial cables. The joint venture is expected to start industrial production during the first quarter of 2009.
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January 12th, 2008
- Joint Ventures
Hickory North Carolina - Corning Cable Systems and Chatsworth Products, Inc. to develop customized data center products
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| Corning Cable Systems LLC, part of Corning Incorporated’s Telecommunications segment, and Chatsworth Products, Inc. (CPI) are collaborating to simplify the data center design and installation process. The innovative product set incorporates Corning's new Zero-U System into CPI's TeraFrame™ Family of Cabinets for superior cable management and ease of connectivity in high-density storage area networks (SANs). As a result of this collaboration, Corning Cable Systems and CPI are introducing a product set that uniquely manages optical fiber trunk cables, harnesses and modules within the data center cabinets that house SAN electronics. In traditional installations, the jumper cables needed to make port connections are routed along the side of the cabinet, which can block airflow and make it difficult to administer moves, adds and changes (MACs). Corning Cable Systems and CPI have developed this efficient solution to maximize rack space.
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December 15th, 2007
- Joint Ventures
Pune India - 15 J-Power Systems forms High Voltage Power Cable J/V in India
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| J-Power Systems Corp. announced that it has entered into an agreement with an Indian partner Finolex Cables Ltd. to form a joint venture plant in India to manufacture high voltage power cables. The agreement was executed by Kiyoshi Shimojima, President, J-Power Systems and D.K. Chhabria, Managing Director, Finolex Cables at Pune in Maharashtra State, India on December 13, 2007. The new company will be equipped with state-of-art production facility such as VCV (vertical continuous vulcanizer) to produce high voltage XLPE (cross-linked polyethylene) insulated power cables. Since such cables are installed in the trunk lines of high voltage power transmission grids in the urban area, extreme quality and reliability are required.
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December 13th, 2007
- Joint Ventures
Tokyo, Japan - Kobe Steel establishes steel wire processing venture in eastern China
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| Kobe Steel, Ltd. announces that it has established a joint venture called Kobe Special Steel Wire Products (Pinghu) Co., Ltd. to process special steel wire rod in Pinghu, Zhejiang Province in China. The joint venture will turn special steel wire rod into cold heading quality (CHQ) steel wire for use in high strength nuts and bolts, which are critical parts in automobiles. The processed wire will be supplied to Japanese automotive parts manufacturers in China. Plans call for the new company, which will start production in April 2009, to have a production capacity of 2,100 metric tons per month.
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December 13th, 2007
- Joint Ventures
Cleveland Ohio - Lincoln Electric announces joint venture with Zhengzhou Heli Welding Materials Co., Ltd.
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| Lincoln Electric Holdings, Inc. announced that it has entered into a majority-owned joint venture with Zhengzhou Heli Welding Materials Co., Ltd., a privately- held manufacturer of subarc flux based in Zhengzhou, China. The joint venture will manufacture subarc flux and subarc wire in Zhengzhou. Annual sales for Zhengzhou Heli are approximately $8 million. Lincoln expects that the acquisition will not have a material impact on earnings in the first year. "We are pleased to add the Heli product line and strong personnel team to Lincoln's product offering and distribution in China," said John M. Stropki, Chairman and Chief Executive Officer. "This acquisition will fill a gap in Lincoln's offerings in the Far East with locally manufactured submerged arc wire and flux."Zhengzhou Heli has a leading position in flux for the submerged arc welding process within the Chinese domestic market. Submerged arc wire and flux are used for welding applications in heavy construction, pipe mills, the energy sector and other infrastructure-related segments.
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December 3rd, 2007
- Joint Ventures
Beijing China - China's Valin Steel Tube & Wire plans joint venture with ArcelorMittal
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| ArcelorMittal plans to set up a joint venture with Hunan Valin Steel Tube & Wire Co to make steel used in auto production, to gain a stronger foothold in the fast growing China market, the Shenzhen-listed firm's controlling shareholder said Monday. ArcelorMittal, Valin Tube & Wire's second-largest shareholder, plans to take a 30% stake in the joint venture, said Li Jianguo, general manager of Hunan Valin Iron & Steel Group, which controls the Shenzhen-listed company. Valin Tube & Wire plans to take a 40% stake and Valin Iron & Steel the remaining 30%, said Li. The deal still needs approval from the National Development and Reform Commission, China's economic planning agency, Li told reporters on the sidelines of a steel conference in Beijing. He didn't disclose financial terms or other details related to the proposed deal. Officials at ArcelorMittal's China office weren't immediately available for comment. Li also said Valin Iron & Steel may cooperate with ArcelorMittal on overseas resources acquisitions, but has no plans to set up or acquire any steel factories outside China. The group is also considering exploring overseas resources in regions such as Australia and Africa, Li said.
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October 16th, 2007
- Joint Ventures
Amman Jordan - Fujikura establishes power cable joint venture in Jordan
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| Fujikura has established a joint venture in Jordan for the manufacture and sale of low and medium voltage power cable. Our joint venture partners are MESC (Middle East Specialized Cable Co.) a Saudi Arabian cable manufacturer headquartered in Riyadh, and JNCC (Jordan New Cable Co.) a Jordanian cable manufacturer headquartered in Amman. The new company, MESC-Fujikura Cable Company (MFCC) is capitalized at approximately US$30 Million. Fujikura is providing 20% of the total share capital, and the plant will be constructed in the suburbs of Amman, the capital of Jordan. Commercial production will begin in the latter half of 2008, with an annual sales target of US$90 Million. An inauguration ceremony of the company's founding was held in Amman on May 29, and was attended by many guests, including Jordanian government officials, the Japanese Ambassador, and representatives of Japanese companies. Senior Excutive Vice President Mr. Masao Kawabata attended as the representative of Fujikura. In the MENA Region, the expansion and improvement projects of electric infrastructures are under way at a rapid pace in line with growing economic development, and we will respond to increasing demand for power cable by cooperating with the local cable makers , capitalizing on Fujikura's technical capabilities and brand recognition.
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September 22nd, 2007
- Joint Ventures
Wilmington Delaware - DuPont and Sinopec form EVA joint venture
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| DuPont's Packaging and Industrial Polymers (P&IP) unit and the Chinese petrochemical giant Sinopec have formed a joint venture to produce ethylene vinyl acetate (EVA) resins in Beijing, China. Scheduled for start-up in late 2008, the 60,000tpa plant will be based at the existing facility of Sinopec Beijing Yanshan Company. DuPont says the joint venture of which it owns 45 percent, and Sinopec the remainder will supply a range of specialised EVA products, serving markets such as packaging, adhesives, printing, wire and cable, and footwear. Sinopec is the largest petroleum products producer in China.
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August 20th, 2007
- Joint Ventures
Kolkata India - Visa Steel enters into JV with BAOSTEEL
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| VISA Steel Ltd on August 17, 2007 has entered into a Joint Venture with Baosteel Trading Co. Ltd., China (Baosteel Trading) and VISA Comtrade AG, Switzerland (VISA Comtrade) for setting up a 100,000 TPA Ferro Chrome plant in Orissa. The JV Company titled "VISA BAO Ltd" shall be a subsidiary of VISA Steel, which will hold 51% of the shares in the Company. Baosteel trading and VISA Comtrade will hold 35% and 14% shares in VISA BAO Ltd respectively. The JV Agreement was signed on August 17, 2007 Shanghai by Mr. Vishal Agarwal, Managing Director on behalf of VISA Steel, Mr. Li Qing Yu, President on behalf of Baosteel Trading and Mr. Vivek Agarwal, Executive Director on behalf of VISA Comtrade, in the presence of Mr. Vishambhar Saran, Chairman, VISA Group, Mr. Xu Le Jiang, Chairman, Baosteel Group, Madam Xie, immediate past Chairperson, Baosteel Group and various other senior executives of Baosteel. The cost of setting up the 100,000 TPA capacity Ferro Chrome plant and related infrastructure is estimated to be around Rs 260 crores, which will be financed through a debt:equity mix of 65:35. VISA Steel is emerging as one of the largest, low cost integrated special and stainless steel Companies. While the blast furnace and coke oven plant have already been commissioned, VISA Steel is in advanced stages of commissioning its 50,000 TPA Ferro Chrome Plant. VISA Steel also plans to commission its 300,000 TPA Sponge Iron Plant and 50 MW Waste Heat Recovery Power Plant in end of FY 2007-08 and the 0.5 million TPA Special & Stainless Steel Plant including a Bar & Wire Rod Mill and an additional 25 MW Power Plant by end of FY 2008-09. Commenting on the developments, Mr. Vishambhar Saran, Chairman, VISA Group, said: "This JV takes our relation with Baosteel another step forward and ensures a win-win situation for both companies through a long-term market for the JV company and a stable supply of Ferro Chrome for Baosteel's stainless steel plant in China.
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April 19th, 2007
- Joint Ventures
Highland Heights Kentucky - General Cable forms Joint Ventures in India
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| General Cable Corporation announced yesterday that it will form two joint venture companies in India with the Plaza Cable Group of Companies. The ventures, headquartered in New Delhi, will incorporate all of Plaza’s existing wire and cable assets. Plaza, with annual revenues of approximately $25 million, currently manufactures low and medium voltage energy and construction cables for the Indian market. When completed, General Cable will hold a majority interest in both companies with the remaining interest held by the current owners. The Company expects to use available cash to fund both the initial purchase price and any required short-term capital investments. The energy cable venture is effective Wednesday, while the construction cable venture is expected to be completed during the second quarter. Over the next two years the company plans to invest up to $40 million to expand cable production of low, medium and high voltage electric utility products.
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December 2nd, 2006
- Joint Ventures
Paris France - Nexans joins forces with Bel Stewart to develop a Cat7 jack for active equipment
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| Nexans confirmed today the signing of a partnership agreement with Bel Stewart, a global producer of high-quality electronic components. This partnership is an appropriate response to the rising demand for GG45 solutions, and will allow both firms to offer a comprehensive product range. Nexans and Bel Stewart are already producing components using the GG45 interface for copper cabling (GG45 IEC60603-7-7) and their R&D teams have now joined forces to develop an 8-way PCB-mounted connector especially designed for active-equipment manufacturers. By combining the strengths of both companies – Nexans’ expertise in high-frequency connector performance and Bel Stewart’s experience of high-volume production for active-equipment manufacturers – the partnership ensures a quick time-to-market, whilst also delivering compatibility between their respective product ranges. Both companies will market the product independently, Bel Stewart under the name ARJ45, and Nexans under GG45. The partnership represents a major endorsement of the GG45 specification developed by Nexans, which has established itself as the preferred solution in the marketplace. A recent CRU study cites Nexans’ GG45 Cat7 Connectors as “proving to be the more popular choice to date” among the available ‘true’ Cat7 connector versions.
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November 13th, 2006
- Joint Ventures
Ranchi India - Usha Martin in JV with German co. to manufacture tire bead wire
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 Usha Martin has announced that it has entered into a joint venture with Gustav Wolf, Germany on wire rope in Dubai and on steel cord for belt reinforcement in India. The companies have decided to include tire bead wire under the scope of the joint venture and a manufacturing facility of 30,000 tonnes per year (T/Y) shall be set up for tire bead with Gustav Wolf product know-how and process technology in 2 phases over a period of 3-4 years. The cord capacity will also be enhanced to 3,600 T/Year from the current level of 2,400 T/Year. Both the products will be manufactured in the expanded facility in Ranchi. The 1st phase of tire bead project, with 15,000 T/Year capacity, will be commissioned in 18 to 24 months time. The product will predominantly meet the growing demands of the domestic market. Usha Martin has three manufacturing divisions of wire, wire rope and steel and cables. It has technical collaborations with KabelRheydt and Stolberger Maschinenfabrik, Germany among others. The company has subsidiaries in UK, Thailand, Singapore and Dubai. The wire and wire rope division has an installed capacity of 100,000 MT per annum. Its products find application in the construction, engineering and transportation sectors. It also manufactures machinery for wire drawing and allied activities. Steel is supplied through the mini blast furnace-arc furnace route to industries like automobile, general engineering, fasteners, railways, defense and power.
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September 11th, 2006
- Joint Ventures
Tokyo Japan - Mitsubishi Material Corp. develops new alloy for bond wire
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| Mitsubishi Material announced the company has developed a new gold alloy wire for the wire bonding of automobile applications. The new wire reduces the resistance at Low-k materials. The company has also announced that Mitsubishi Materials and Tanaka Denshi Kogyo K.K. have achieved a basic agreement to form a joint venture in China to produce gold bonding wires for semiconductors.
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July 14th, 2006
- Joint Ventures
Mumbai India - Jindal to sign JV with PowerGrid
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| PowerGrid Corporation will shortly sign a joint venture agreement with Jindal Power for a transmission line project. The line will evacuate power from Jindal’s proposed 1000-Mw coal-based thermal power plant in Raigarh district of Chhattisgarh. The agreements include deals with Oil and Natural Gas Corporation, Essar Power, Torrent Power, Jaiprakash Group and Teesta Urja Ltd.
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July 12th, 2006
- Joint Ventures
Wuhan, Hubei China - Wire Rope Corp signs J/V with Wuhan Iron & Steel Corp.
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| Wuhan Iron & Steel Corp has signed a $100 million deal with Missouri-based Wire Rope Corp. to tap into China's building and energy boom. Wire Rope Corp. of America will own 51% of the new joint venture, which will produce cables used in bridges, cranes and mining -- as well as on oil rigs to lift drills.The two companies plan to build a one million-square-foot (90,000-square-meter) plant to be located in the central Chinese city of Wuhan, in Hubei province. The plant will be able to produce 50,000 metric tons.
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May 19th, 2006
- Joint Ventures
Taipei Taiwan - Tycoons Group ties up with Jinan Iron to set up plant in Vietnam
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| Tycoons Group Enterprise Co., one of Taiwan's largest producers of wire rods, has resolved to set up a joint-venture plant in Vietnam by cooperating with China's Jinan Iron & Steel Co. Tycoons said Jinan Iron & Steel has secured ample manufacturing techniques and experience in producing panel-steel products. Both sides will invest a total of US$20 million to set up the joint-venture plant in Vietnam, with Tycoons holding a 60 percent stake and Jinan the remaining 40 percent. Construction of the proposed new plant in Vietnam will be completed in April 2007. The joint-venture plant will roll out products to penetrate the Southeast Asian market, including the Vietnamese market. With production focusing on annealing wire and bolts and nuts, Tycoons plans to extend product lines to include such panel steel products as cold-rolled steel and hot-dip galvanized steel coils.
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April 13th, 2006
- Joint Ventures
Tokyo ,Japan - Contact Wire JV to be Established in Yantai, PRC
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| Sumitomo Electric Industries, Ltd. (President: Masayoshi Matsumoto, hereinafter referred to as Sumitomo Electric) and ITOCHU Corporation (President: Eizo Kobayashi, hereinafter referred to as ITOCHU) have agreed with Yantai Jinhui Copper Industry Co., Ltd. (hereinafter referred to as Yantai Jinhui) to establish a joint venture company in Yantai City, Shandong Province to manufacture contact wires (*1) for the China market. In China, where rapid increase in volume and speed of railroad transportation is expected to continue, a total of approximately 50 thousand km of new railway lines are scheduled to be constructed by 2020. Sumitomo Electric is highly recognized for its high-strength tin-copper alloy contact wires, which are highly valued especially in the field of high-speed railway. It currently supplies contact wires to the Japanese railways and also to the Taiwan High Speed Rail Corporation, and had been considering entering into the China market. ITOCHU is expanding its business in a wide range of areas in China, and is currently focusing on entering into the industries related to railway transportation. It already has an interest in a joint venture engineer design company for rapid-transit rail cars. Under such circumstances, the two companies have agreed to partner with Yantai Jinhui, a leading Chinese manufacturer of contact wires, and to establish a manufacturing joint venture for contact wires
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January 16th, 2006
- Joint Ventures
Kuala Lumpur Malaysia - Plastrade forms China venture to sell high-voltage wire, cable compounds
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| Plastrade Technology Bhd has agreed to form a joint venture with China-based Suzhou Double Tigers High Polymeric Material Co Ltd, to be called Plastrade Materials Technology Sdn Bhd. In a statement to Bursa Malaysia , Plastrade said that the joint venture will manufacture and sell medium- and high-voltage wire and cable compounds. Plastrade said it will subscribe 67 per cent of the shares in the joint venture for RM670,000, while Suzhou Double Tigers High Polymeric Material will subscribe 33 per cent stake for RM30,000. “As a business entity, it is always the group’s strategy to venture into all viable business, especially those that are of high value-added and can provide a steady stream of earnings. “The joint venture shall serve the group’s objectives and at the same time broaden the earnings base instead of solely relying on its existing manufacturing activities,” it said. Plastrade said the investment in the joint venture will be funded through internally-generated funds.
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December 7th, 2005
- Joint Ventures
Kuala Lumpur Malaysia - Wonderful Wire & Cable Bhd draws up plans to meet demand
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| Wonderful Wire & Cable Bhd (WW Cable) has drawn up some effective strategies to meet the rising demand for its automotive cables. Topping these strategies are the formation of joint-venture subsidiaries with cable-related companies and the setting up of offices or plants in its export markets. WW Cable executive deputy chairman Datuk Dr Abdul Razak Abdul said demand for its products has grown by about 40 per cent, and is expected to increase to more than 50 per cent by next year. The company plans to set up joint ventures in Bangladesh and Australia as it anticipates rising demand from these two countries. WW Cable has established a brand name for its low-voltage, automotive cables and small wires. It supplies automotive cables to wire harnessers locally and overseas. Speaking to Malysia's Business Times, Abdul Razak said WW Cable is looking to set up a joint venture with a cable-related company in Perth. The Perth partner has secured a huge contract to supply cable-related products to one of the biggest electrical companies in Australia.
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November 30th, 2005
- Joint Ventures
Seoul South Korea - Taihan Electric Wire forms US$ 28 Million joint venture in Vietnam
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| South Korea's Taihan Electric Wire Co. said Tuesday it has set up an electric wire joint venture with Vietnam's Sacom as part of efforts to boost its presence in the fast-growing Vietnamese market. The newly-established TSC Co., based in the capital of Ho Chi Minh City, is capitalized at US$28 million, with Taihan Electric and Sacom holding 70 per cent and 30 per cent stakes, respectively. TSC plans to build a production plant in the Longthanh Industrial Zone, southeast of the capital, to commence production in late 2006. The company will supply various cable products, including fiber and copper cables, to the local market, the company said. "TSC aims for a sales target of $100 million by 2010 to become Vietnam's biggest wire provider, as well as a production base for Southeast Asian operations in the future," a Taihan Wire official said.
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November 30th, 2005
- Joint Ventures
Mumbai India - BSNL- MTNL in JV for sea cable
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| In an effort to break the stranglehold of private sector telecom players on undersea cable infrastructure, communications and IT minister Dayanidhi Maran has issued a directive to the state-owned telecom companies to quickly build their own infrastructure to carry their international call traffic. The two companies, MTNL and BSNL, will now sign a 50:50 joint venture agreement to form a new company, which will lay undersea cables all the way to Hong Kong and Singapore in the east and Middle East in the west to carry their international calls. Maran hopes that this move will break alleged cartelisation of private telecom companies like Reliance, Tata (via VSNL) and Bharti and allow government-owned telcos more room. Over the last four years, a series of developments had ensured that private players had come to own all subsea cable network to global destinations.
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November 15th, 2005
- Joint Ventures
Beijing China - Mittal in talks with China's Kunming Iron to set up a joint venture
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| Mittal Steel Co NV, the world's largest steel manufacturer, is said to be in talks with China's Kunming Iron & Steel to establish a fifty-fifty joint venture with total investment of 20 billion yuan, said Hao Shudong, the president of Kunming Iron & Steel, according to China Business. "We hope we can reach an agreement," Hao said. No other details were disclosed. Kunming is a highly diversified mainly long products (Bar rod and wire ) producer. The company also have a large equipment division (That manufactured among other machinery under license from Ernst Koch). Kunming Iron & Steel Co Ltd, which has total assets of 21.28 billion yuan, originally planned to raise 1.8 bln hkd from an initial public offering in Hong Kong earlier this year, but the offer was delayed due to the sluggish performance of steel issues on the stock market.
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September 30th, 2005
- Joint Ventures
Calcutta India - Usha Martin, and Austrian firm Jo Pengg AG forms joint venture
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| Usha Martin Ltd is setting up a joint venture company with Austrian speciality wire rope manufacturer Jo Pengg AG at an initial investment of $5-7 million. The Jhawars-owned company is also in the last lap of finalizing its 10000-tonne greenfield plant in the US. Jo Pengg executives will visit the city next week to finalise the contours of the joint venture, P. Bhattacharya, joint managing director of the company, said after the extraordinary general meeting here today. The unit will be located in the Ranchi-Jamshedpur area where Usha Martin has a plant. The Indian company will manage the unit and provide raw materials for valve and clutch wire for automobiles, while Jo Pengg will provide the technology. The global market for these high-value wires is about 120,000 tonne. The JV plans to make 10,000 tonne wires in two phases. It is targeting to sell 4,000 tonnes in the next 2-3 years in India. After the JV is set up, the Austrian company will stop exporting here. Jo Pengg has a 25 per cent market share in India. Talking about the US plans, Rajeev Jhawar, managing director of Usha Martin, said the company would invest about $5 million for the US facility, which might come up in Houston.
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