Hong Kong-based Cosmos Machinery Ltd. is poised to boost it all-electric injection press business with a freshly inked agreement to license technology from Japan's Ube Machinery Corp. Ltd.
The company's subsidiary Cosmos Machinery Technology (Jiangsu) Co. Ltd. held a signing ceremony last week at its East China production base in Wuxi.
Cosmos currently offers all-electric presses in the range of 55 to 205 tons. The company told Plastics News that new models of 355 to 455 tons are in the works and are scheduled to be released to the market by 2014.
Cosmos said it restarted its all-electric machine R&D program around 2000.
Cosmos claims to be the second Chinese company, after Haitian, to mass produce and market all-electric presses. The company sold about 60 all-electric machines in 2013, bringing in revenue of more than 40 million yuan (US$6.6 million).
With Ube's technology, Cosmos plans to introduce an 850-ton model next year and later launch more large tonnage models that fit the latest market needs.
The company said it aims to exceed 60 million yuan (US$9.9 million) in sales of mid and large sized all-electric presses in three years.
Back in 2002, Cosmos licensed Ube's technology to make presses in the range of 350 to 3500 tons, and the products were well received by the market, particularly by Japanese auto transplants in China, Cosmos said.