Cummins to create joint venture with Foton
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.
(For more biz stories, please visit Industry Updates)