EIN Presswire
China Zhongwang and CRMSC Form Joint Venture
Edited by : AL CIRCLE
3 min read
China Zhongwang Holdings Limited, ("China Zhongwang" or "the Company", together with its subsidiaries "the Group"; Stock code: 01333) today announced a joint venture agreement with China Railway Materials Shenyang Company Limited ("CRMSC"), a subsidiary of China Railway Materials Commercial Corporation, for the establishment of CR Zhongwang Aluminium Company Limited ("CR Zhongwang"), a joint venture in the PRC, to develop the trading of nonferrous metals, nonferrous metal products and metallic materials and import and export business.
CR Zhongwang, a 49:51 joint venture of China Zhongwang and CRMSC, is proposed to have a registered capital of RMB100,000,000 which shall be contributed by the two equity owners on a pro-rata basis.
CRMSC is a subsidiary of China Railway Materials Commercial Corporation, a large central government-owned enterprise under the supervision of State-owned Assets Supervision & Administration Commission of the State Council. The Corporation is responsible for the procurement of diesel and steel rails, new locomotives and rolling stock spare parts for speed upgrading and maintenance. CRMSC leverages its strong background to engage in the provision of integrated materials services to primarily the railway and steel industries as its core business, which is supplemented by other businesses including the trading of mining ores, integrated logistics services and international trading. As such, CRMSC has developed into a professional, cross-sector, integrated materials trading and logistics enterprise with multiple channels and operational models.
Commenting on the joint venture with China Zhongwang, Mr. Yang Xiaoming, General Manager of CRMSC said: "CRMSC is pleased to have fostered partnership with China Zhongwang, the world's second largest industrial aluminium extrusion product developer and manufacturer, to jointly develop in the lucrative market of nonferrous metal products and other metallic materials. Aluminium, as a light-weight, corrosion resistant and recyclable metal, has seen increasing applications in the railway and other transportation sectors. Its development potential is simply huge. Our joint venture CR Zhongwang combines CRMSC's unrivalled strengths in market resources and sales channels, and Zhongwang's technology niche in the development and manufacture of industrial aluminium extrusion products. The strong partnership puts us on a broader and elevated platform to jointly contribute to the development of the railway industry, at home and in other parts of the world."
Mr. Liu Zhongtian, Chairman and President of China Zhongwang, commented: "CR Zhongwang is a win-win partnership. CRMSC has comprehensive logistics resources, cross-industry business chain and a diversified customer base. The formation of the joint venture allows China Zhongwang to contribute our advantage in the R&D and manufacture of processed aluminium product sector, and in return, we benefit from strengthened market presence in the railway industry, which will eventually enhance our overall competitive edge. More importantly, the joint venture reinforces the close partnership between the two parties and lays a solid foundation for our cooperation in the future."
CR Zhongwang, a 49:51 joint venture of China Zhongwang and CRMSC, is proposed to have a registered capital of RMB100,000,000 which shall be contributed by the two equity owners on a pro-rata basis.
CRMSC is a subsidiary of China Railway Materials Commercial Corporation, a large central government-owned enterprise under the supervision of State-owned Assets Supervision & Administration Commission of the State Council. The Corporation is responsible for the procurement of diesel and steel rails, new locomotives and rolling stock spare parts for speed upgrading and maintenance. CRMSC leverages its strong background to engage in the provision of integrated materials services to primarily the railway and steel industries as its core business, which is supplemented by other businesses including the trading of mining ores, integrated logistics services and international trading. As such, CRMSC has developed into a professional, cross-sector, integrated materials trading and logistics enterprise with multiple channels and operational models.
Commenting on the joint venture with China Zhongwang, Mr. Yang Xiaoming, General Manager of CRMSC said: "CRMSC is pleased to have fostered partnership with China Zhongwang, the world's second largest industrial aluminium extrusion product developer and manufacturer, to jointly develop in the lucrative market of nonferrous metal products and other metallic materials. Aluminium, as a light-weight, corrosion resistant and recyclable metal, has seen increasing applications in the railway and other transportation sectors. Its development potential is simply huge. Our joint venture CR Zhongwang combines CRMSC's unrivalled strengths in market resources and sales channels, and Zhongwang's technology niche in the development and manufacture of industrial aluminium extrusion products. The strong partnership puts us on a broader and elevated platform to jointly contribute to the development of the railway industry, at home and in other parts of the world."
Mr. Liu Zhongtian, Chairman and President of China Zhongwang, commented: "CR Zhongwang is a win-win partnership. CRMSC has comprehensive logistics resources, cross-industry business chain and a diversified customer base. The formation of the joint venture allows China Zhongwang to contribute our advantage in the R&D and manufacture of processed aluminium product sector, and in return, we benefit from strengthened market presence in the railway industry, which will eventually enhance our overall competitive edge. More importantly, the joint venture reinforces the close partnership between the two parties and lays a solid foundation for our cooperation in the future."
Previous article
Continuous homogenizing plant in Italy
Next articleAlcoa Inks Sharing Agreement with Embraer to Build High-Performance Aircraft
Grow with
AL Circle
