Goldwind to form epoxide resin JV
By Nina Ying Sun
PLASTICS NEWS
URUMQI, CHINA (October 27, 2009) -- China’s leading maker of wind turbine generators, Xinjiang Goldwind Science & Technology Co. Ltd. of Urumqi, has announced a plan to establish a joint venture
epoxide resin plant, which is expected to help the parent company reduce material cost and improve quality of its wind turbine products.
The proposed firm, temporarily named Jiangsu Chenfeng New Material Technology Co. Ltd., will carry 50 million yuan of registered capital, 35 percent of which invested by Goldwind. The largest
stakeholder will be Tokyo-based Tatsuhi Co. Ltd. with 43 percent of the ownership. Other stakeholders will include Shanghai Tatsuhi Building Materials Co. Ltd., China railway Eryuan Engineering group
Co. Ltd., and Quanyong Group. Co. Ltd. (transliterated).
Publicly listed Goldwind said in an Oct-27 announcement that the first phase, with 50 million yuan of investment, will feature annual production capacity of 8,000 metric tons of epoxide resin for
wind turbine uses. “Goldwind will participate in the material development, pushing for replacement of imported materials. The new joint venture will be strategic to Goldwind in terms of securing
high-quality, low-cost material supplies.â€
According to an Oct-14 forecast, the company expects its net profit in the first nine months of 2009 to increase 290-340 percent over the same period of 2008, which recorded 229 million yuan in net
profit.
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