Shenyang firm sets up smart machine tool fund

Shenyang Machine Tool Co Ltd, China's leading machine tool manufacturer, has set up a 3 billion yuan ($463.2 million) fund for the development of smart machine tools.

The company made headlines last week by launching the world's first intelligent integrated machine tool.

Shenyang Machine Tool, which is transforming itself from an industrial manufacturer to an industrial service provider, also plans to build 30 smart factories this year.