ThyssenKrupp eyes expansion in China
By Zhang Yu (China Daily)
Updated: 2006-05-22 11:39
German industrial group ThyssenKrupp sees good prospects for significant
expansion in China.
"In the current fiscal year, we are going to double
our sales from local production in China to almost one billion euros (US$1.27
billion)," said Alfred Wewers, president and chief executive officer of
ThyssenKrupp (China) Ltd.
"Including the sales of subsidiaries
which are not consolidated, the figure is higher by 200 million euros (US$254
million)," he said.
Today, ThyssenKrupp operates 35 companies from all of
its six business segments in China.
The focus is on steel and stainless
steel processing, automotive components and systems, elevators/escalators and
passenger boarding bridges, large diameter slewing bearings, as well as
stock-holding trading business and industrial services.
A highlight is
the high-speed maglev train "Transrapid" linking Shanghai Pudong International
Airport and Lujiazui financial district.
This future-oriented
transportation system was built through the co-operation of Chinese and German
partners. ThyssenKrupp is one of them.
"Half our sales increase comes
from newly established companies and the rest is due to organic growth," Wewers
explained.
ThyssenKrupp intends to serve the Chinese market rather
than produce for exports.
The fast-growing Chinese economy with its enormous
needs for investment as well as consumption will for long provide good prospects
for foreign investors.
Hence, the German conglomerate makes all its
investment decisions on the basis of a long-term engagement.
"Last year,
we emphasized our commitment to China by establishing our national holding
company." Wewers is convinced that this set-up allows better opportunities to
co-ordinate interests, provide services to group companies in China, and create
a corporate image.
In total, ThyssenKrupp companies employ 4,200 people
in China with less than two per cent accounting for
expatriates.
(For more biz stories, please visit Industry Updates)
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