Siemens Opens First Turbine Blade Plant in China
Siemens established its first Chinese limited company specializing in blade production for wind turbines. As Siemens' first manufacturing plant for wind turbine components in China, the Shanghai factory has an annual production capacity of over 600 wind turbine blades, which will allow the company to more effectively meet the strong demand for wind turbine equipment in China and for the export market. The total investment is about EUR35m (USD45.9m).
Intercontinental Hotels Grows in Greater China
InterContinental Hotels, the world's largest hotel chain by the number of rooms, expects its Greater China operations - which comprise the mainland, Taiwan and Hong Kong - to grow bigger than its business in the United States by 2025. Keith Barr, managing director of the group's Greater China operations, said it would also double the number of hotels in the region over the next five years. The group just launched the Hotel Indigo brand in Shanghai and has 149 hotels in the pipeline in China in addition to its current 140.
Starbucks Brewing
Starbucks Coffee Co said it plans to more than triple its presence in China in the next five years to boost its global business. The world's biggest coffee chain aims to run 1,500 stores across China by 2015, from 406 now. This will help China to become its world's second-largest market.
Samsung, LG Approved for USD 6bn China LCD Plants
Samsung Electronics and LG Display, the world’s two biggest makers for flat panels for televisions, have won approval from the National Development & Reform Commission and are set to become the first foreign groups to build advanced LCD panel plants in China. Samsung plans to spend 18 months building a USD2.3bn plant in Suzhou that will make 7.5-generation LCD panels. LG wants to build a more advanced 8.5-generation site in Guangzhou for USD4bn.
Argentina and China Reach Historic Deals
Argentina and China inked five farm-product agreements during a visit to Beijing by Agriculture Minister Julian Dominguez to boost trade, officials reported. Dominguez called China a "vital interest" for Argentina, as it has grown to become the South American country's main market for agriculture products, officials here said. China is Argentina's second-largest trading partner after Brazil, and ahead of the European Union. Argentina projects global agricultural exports of some USD25bn for the 2010-2011 year, with China its largest customer for soybean oils and other products, according to private estimates, with the new deals expected to further boost ties.
Alltech to Triple Sales in China
Alltech, one of the world's largest animal nutrition companies, said it will quicken the pace of its investments in the Chinese market and hopes to triple its sales in China within two years. The company recently opened a new facility in Tianjin. After a USD12m investment, the first phase of the plant can now produce four kinds of animal nutrition products with an annual output capacity of 30,000 tons. Another USD20m to USD30m will be injected within two years to expand production capability.
UPS Eyes China Parcel Business
United Parcel Service Inc (UPS) is gearing up to acquire a domestic parcel licence from China's State Post Bureau and further expand its business in the country, said company executives.
Attributed by Shanghai Business Review