Cummins to create joint venture with Foton

(China Daily)
Updated: 2006-10-30 11:25

US-based Cummins, the world's biggest diesel engine maker, said recently it has signed a deal with Chinese truck producer Beiqi Foton Motor to create an engine joint venture in Beijing.

The two sides plan to invest a total of 2.5 billion yuan (US$316 million) in the joint venture with registered capital of 1 billion yuan (US$126 million). The two parties own 50 per cent of the facility respectively. The venture, which will start to make Cummins 2.8- and 3.8-litre diesel engines in 2008, will have an annual production capacity of 40,000 engines.

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