Hyundai Invests in Hydraulic Machine Project in Changzhou High-Tech Area - Press release by Changzhou National Hi-Tech District


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Hyundai Invests in Hydraulic Machine Project in Changzhou High-Tech Area	Popularity: Views: 55

2007-07-08 10:41:29
	Changzhou National Hi-Tech District

Hyundai Heavy Industries Co. Ltd. of South Korea said yesterday that it has invested 40 million US dollars to establish Changzhou Modern Hydraulic Machines Co., Ltd. in the Changzhou High-Tech Area, East China's Jiangsu Province. It is reported this is the third factory the Hyundai Group of South Korea, one of the world's top 500 companies, has invested in Changzhou. Hyundai Heavy Industries has been in cooperation with Changzhou for a long time and established the Changzhou Hyundai Construction Machinery Co., Ltd. with the Changlin Co. Ltd. as early as 1995. The company has achieved rapid development in the 12 years since and its production scale has been expanding constantly and economic results have been improved continuously. It was awarded the title of 'One of Ten Best Foreign Funded Enterprises' by the Changzhou Municipal Government many years on end, making it a leading enterprise in the domestic excavator industry. Hyundai Heavy Industries cooperated with Changlin Co. Ltd. again in 2003 to establish the Hyundai (Jiangsu) Construction Machinery Co., Ltd. in the Changzhou High-Tech Area. The company saw a sales volume of 1.98 billion yuan in 2006, realizing development by leaps and bounds. The hydraulic machine project is an auxiliary part of the Hyundai (Jiangsu) Construction Machinery Co., Ltd. and its products will also be exported. Hydraulic machines are the nuclear parts of excavators and other construction machines. It is expected that 15,000 hydraulic machines will be produced in the first year with an annual sales volume of 13.12 million US dollars and 45,000 will be produced in the third year with an annual sales volume of 39.37 million US dollars. According to Yang Pingping, Director of the Management Committee of the Changzhou High-Tech Area, the launching of the Changzhou Modern Hydraulic Machines project is an important symbol of Hyundai's further cooperation with the Changzhou High-Tech Area that signifies a win-win relationship. The Changzhou High-Tech Area will build a better platform to receive transferred international industrial capital and provide better, more rapid and efficient service for Chinese and foreign businessmen in order to attract more and more entrepreneurs from South Korea and the other parts of the world to Changzhou for investment and development. For more information, please contact: Changzhou National Hi-Tech District Wang Zhongliang Tel: +86-519-512-7305 or +86-130-925-27003 Fax: +86-519-511-5905
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