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PMG Signed Investment Agreement with Shanghai Fengpu Industrial Park
On the morning of April 23rd, the PMG signing ceremony was held in Shanghai Fengpu Industrial Park which indicated that PMG would have its workshop based in Fengxian District where fengpu industrial park locates. Li Zhen, the general manager of Shanghai Industrial Park and Masafumi Koga, the Japanese representative of PMG attended the signing ceremony and Ni Yaoming, the vice governor of Fengxian District delivered the speech.
With the sum of the total investment reaching about $30 million and the registered capital $18 million, it is a good beginning for the Park to attract the PMG project.
Plansee Mitsubishi Materials Global Sinter Holding, S.A (PMG) is a joint venture of the Plansee Group and Misubishi Materials Corporation. The Plansee Group and Mitsubishi Materials Corporation hold each a 50 percent equity share in this joint venture under a holding company based in Luxembourg and the Mitsubishi Materials Corporation has been one of the companies on the Top 500.
PMG has more than 2500 employees and the annual sales is up to 5500 billion Japanese Yen. The holding company aims to be the global market leader of auto supplier of powder metallurgy and also, to expand its growing market in China, East Europe and South America. Now there have been workshops in Japan, Germany, Spanish, America and Malaysia where they take the responsibility of the production of the structure of stainless steel, copper, aluminum and titanium which are used in engines, transmission systems and chassis.
The auto industry is the major market of powder metallurgy. According to statistics, during 2007, 73,072,000 cars were produced in the global market which is 5.1% increased than last year and meanwhile 82,000 cars were produced in China. It shows that the need of auto parts by powder metallurgy is fast increasing. Actually the powder metallurgy products are ecnomical, productive, energy conservation and environmental protection, and which have been known to other industries, so the development of powder metallurgy will be very useful in the improvement of technology and economy.
The establishment of PMG in our park will certainly improve the development of domestic powder metallurgy industry and other auto parts industry. We also believe that it will be a win-win situation for both PMG and Fengpu.
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