Marine Diesel Engine JV Launched
The Hudong Heavy Machinery Co., Ltd. has launched a marine diesel engine joint venture in Shanghai with the China State Shipbuilding Corp. (CSSC) and the Mitsui Shipbuilding Co., Ltd. (MSC) of Japan, according to an announcement by HHMC on July 6. The three sides signed the joint venture contract on July 5. The joint venture has a total investment of $US144.9 million and a registered capital of US$57.9 million, with CSSC holding 15% of the stake, HHMC, 51%, and MSC, the rest 34%.
Located in the Heavy Equipment Industrial Zone of Lingang New Town of the city, the joint venture covers an area of 40 hectares. It will be capable of producing 745 700 Kw of marine diesel engines by 2007 and 22 million kW by 2014, when it is totally completed.