On June 22nd, Shanxi Datong Gear Group Co., Ltd. signed a strategic joint venture cooperation agreement with BLUECHIPENGINEERING (blue chip engineering technology company) in Shanghai, which was the result of the promotion activity of the 2006 (Shanghai) Economic Cooperation Project in Shanxi.
Shanxi Dazhe Group is a professional manufacturer of heavy-duty automotive gearboxes and automotive engine gears. The leading products of heavy-duty truck gearboxes and automobile engine gears are all brand-name products of our province. The company has strong technical strength and possesses domestic first-class production equipment, testing instruments and modern gearbox assembly lines. The Australian blue chip company has more than 60 years of rich experience in the mining industry and has strong financial strength, abundant human resources, and advanced management concepts.
Both parties have a legendary but very smooth experience. At the beginning of April, the Australian blue chip company saw the online investment promotion materials of Shanxi Dadai from the Internet and was very interested. It took the initiative to contact Shanxi Dagou to understand the situation. Through the two parties' early contacts, at the end of May, the Australian blue chip company leader Nick Voloskey personally visited Big Tooth to learn about the operation of the Big Gears. After reading relevant information, Mr. Nick was particularly interested in, and Shanxi Big Tooth’s After Wu Zhenhe, chairman of the board of directors, negotiated the joint venture project, he immediately reached an agreement. In combination with the preferential policies for the restructuring and investment promotion of state-owned enterprises in our province, both parties reached consensus on the full implementation of the joint venture and cooperation strategy.
According to the agreement, the blue chip company invests 200 million U.S. dollars in cash, and Dajiao Group will establish a joint venture company by means of the existing stock assets. The joint venture company will receive all non-retiring employees of the entire Gazprom group; the joint venture company will increase The Tooth Group currently manufactures all of its products, while introducing blue chip company related products. The joint venture company retains the current name of the DaZhao Group, and the management team also focuses on the existing management team of DaZhi Group. The employment of the employees is determined by the joint venture company. The cooperation between the two parties will make the joint venture company a first-class transmission production base in China and a globally competitive global auto parts supplier.
Reporter Xie Changmin
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