Korea Hyundai Heavy Industries cooperates with Beijing Jingcheng Mechanical and Electrical Holding Company

Following the agreement signed between Hyundai Group and Beijing in the end of last month for the production of cars, Hyundai Heavy Industries Co., Ltd., one of the major members of Hyundai, signed an agreement with Beijing Jingcheng Mechanical and Electrical Holdings Co., Ltd. to jointly establish Beijing Hyundai Capital Engineering Machinery Co., Ltd. .
Jingcheng Electromechanical Holding Co., Ltd. is a large-scale state-owned asset management enterprise integrating industry, research, and trade in Beijing. Its CNC machine tools, construction machinery, power generation and transmission and transformation equipment and other products have strong technical strength and characteristics.
While Hyundai Heavy Industries is a member of Hyundai Group and is a listed independent company. It owns shipbuilding, construction machinery, machine tools, and electrical equipment. Its excavator products rank among the top in the Chinese market.
This time, both parties invested in cash, with a total investment of 27.5 million U.S. dollars and registered capital of 11 million U.S. dollars, of which Hyundai Heavy Industries Co., Ltd. accounted for 60% and Jingcheng Holding Co., Ltd. accounted for 40%.
It is understood that after the establishment of the new joint venture company, it will produce six types of Hyundai Heavy Industries' computer-controlled mechanical and electrical integration new hydraulic excavators and four series of forklift products, and will retain the production of the original “Hannah” forklift products of Jingcheng Holding Company. . After the joint venture is expected, it will annually produce 5,100 excavator and forklift trucks and realize sales revenue of RMB 700 million to RMB 100 million.
Liu Haiyan, deputy mayor of Beijing, said at the signing ceremony that the cooperation between the two parties is in full compliance with the strategic principle of “Strengthening the development of modern manufacturing” put forward by Beijing. The Beijing municipal government will give it strong support.
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