Chinas CIMC plans $59 mln truck venture

China International Marine Containers Co., Ltd. (CIMC), the world's largest shipping container maker, said recently that one of its subsidiaries had agreed to set up a truck manufacturing venture with two domestic partners capitalised at 400 million yuan ($58.5 million).
 
CIMC will hold a 45 percent stake in the venture, mostly making medium and heavy trucks, it said in a statement.
 
Initial investment in the venture, expected to start production in 2011, will be 2 billion yuan, it said.
 
CIMC also said it expects a 40 percent to 60 percent fall in its net profit in 2008 as the global financial crisis takes a toll on ocean shipping demand.
 
Unaudited net profit in 2008 was about 1.5 billion yuan compared with 3.17 billion yuan in 2007.
From: Reuters

Address: Bibo Road, Zhangjiang High-technology Park, Shanghai, China
Tel: 0086-21-3637-6177
Fax: 0086-21-3637-6177
Skype: eastfilters